A short tour of the world of procedures to counter high prices

While inflation reached record levels in Canada (6.8% in April, the highest level since 1991), the United States (8.5% in March, the highest since 1981), Europe (8.1% in May, the highest since 1999) and in everywhere. Other than that, governments around the world are taking measures to try to combat the high prices that are rocking their country’s economy.

A brief overview of some of the measures taken to combat inflation.

Canada

Purchase invoice inflated consumption

Quebec

Last March, the Legault government, when scheduling its budget, announced that it was giving a $500 check to all people with annual incomes less than $100,000. On May 31, the prime minister of Quebec promised to send another check to help Quebec families if he was re-elected on October 3.

Ontario

Doug Ford’s government announced last April an 8% increase in the minimum wage, or $15.50 an hour, effective April 1.Verse October 2022.

Alberta

1 . agoVerse April, Albertans pay less at the pump due to a regional gas tax hike. This tax exemption, issued by Prime Minister Jason Kenney at the beginning of March, allows motorists to save 13 cents per liter of gasoline.

In March, the Alberta government also announced a $150 payment to each household to help offset the cost of electricity for the first three months of the year.

Newfoundland and Labrador

The county will cut the price at the pump by 8 cents through the end of the year. The Newfoundland and Labrador government also announced on May 26 that the minimum wage will gradually rise to $15 an hour in less than a year and a half.

Additionally, families with an income of less than $100,000 per year can get a check for $500 to help pay for the fuel oil.

Manitoba

On May 30, 2022, the Manitoba government introduced legislation that would allow it to raise the minimum wage beyond legal increases when inflation in the province exceeds 5% in the first quarter of the calendar year.

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The government announced on 1Verse Last June implemented a new emergency feature for fuel and food. This includes a one-time payment of $225 for low-income singles, and $450 for families. Since March, a total of $2 million has been donated to food banks.

British Columbia

Minimum wage increased by 45 cents at 1Verse June, hitting $15.65 an hour. The increase announced in March depends on the inflation rate. This is the highest minimum wage in Canada.

Prince Edward Island

In March, the government promised to provide a $150 check for people earning less than $35,000 a year, and $100 for those making between $35,000 and $55,000.

A plan has also been planned to reduce public transport fares in the province. A monthly pass might cost $20 for adults, $10 for students and seniors, and it’s free for kids.

Saskatchewan

The province announced a gradual increase in the minimum wage in early May. It should hit $15 an hour on October 1, 2024.

New Scotland

In January 2022, the province decided to gradually increase the minimum wage until it reaches $15 an hour in 2024. Currently, the minimum wage is $13.35 an hour.

A one-time payment of $150 to all income assistance and disability support recipients was also announced in March. Another $150 was given to citizens eligible for the Heating Assistance Program. Just over $1 million has been donated to help food banks.

Yukon

Last year, the Yukon government decided to index residential rent increases with inflation. The measure entered into force on May 15, 2021 and will remain in effect until January 31, 2023.

in the United States of America

Purchase invoice inflated consumption

On May 10, the President of the United States, Joe Biden, declared that fighting inflation is his “main economic priority” and noted that the role of the US Central Bank (Fed) is to limit price increases and ensure full employment. . The latter has already begun to raise its key prices to slow consumption and investment should continue.

The President of the United States has also indicated other measures, such as raising taxes on the wealthy and multinational corporations, and reducing childcare costs, but these measures require Congress to pass legislation.

Mexico

Purchase invoice inflated consumption

Mexican President Andres Manuel Lopez Obrador announced May 4 that he had reached an agreement with the private sector to fix prices for 24 key products by October.

Europe

Purchase invoice inflated consumption

France

Since February, France has imposed a freeze on gas and electricity prices. Further measures are due after legislative elections in June. Among them, reassessing pensions, increasing civil servants, reducing self-employed contributions and checking food for more modest families.

United kingdom

London has allocated 15 billion pounds (about 23 billion Canadian dollars) to help the most disadvantaged families. This assistance is financed by a 25% tax levied on the profits of the oil giants.

Germany

Since March, Germany’s public heating aid for the most vulnerable families has doubled. A multi-billion-euro additional aid program was also recently voted on in Parliament. In particular, it provides for a €9 ($12 CAD) ticket giving access to all public transport in the country this summer and a €300 (about CAD$400) payment for all taxable employees. The fuel tax will also be reduced, between June and August, to the European minimum, a reduction from 14 to 30 cents per liter.

Italia

The government announced a reduction in fuel taxes by about 30 centimes per liter, a 25% tax on corporate profits in the energy sector, as well as a check for 200 euros ($270 CAD) for Italians annually. Income less than 35,000 euros (47,000 Canadian dollars).

Spain

1 . agoVerse April, and until June 30, Spaniards benefit from a subsidy of 20 euro cents per liter of fuel (15 cents funded by the state and 5 cents from oil companies). Madrid’s aid plan, announced at the end of March, also provides for a reduction in the rent increase to 2% and a 15% increase in the minimum subsistence income.

Sweden

Sweden announced in March a tax cut of 1.30 kroner per liter of diesel (about 12 cents), until October 31.

Belgium and the Netherlands

The two countries decided to reduce the value-added tax on natural gas, electricity and district heating, and reduce the tax on fuel.

Hungary

The country has set prices for basic foodstuffs since February. Cars registered in the country can benefit from a fuel price freeze of about 1.2 euros (about 1.61 Canadian dollars).

Australia

Purchase invoice inflated consumption

At the end of May, the Australian government introduced a series of measures, such as halving the petrol tax, a one-time payment of A$250 (about C$230) for people on low and middle incomes.

New Zealand

Purchase invoice inflated consumption

The New Zealand government announced in May that it would distribute a few hundred additional dollars to more than two million low-income citizens to help them. Payouts of NZ$350 (about C$290) will be distributed over three months in August for those earning less than NZ$70,000 (about C$55,000) per year. The government also announced a cut in gas taxes and public transportation fares by half the price.



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