Chrystia Freeland to deliver keynote address about Canadian economy

Finance Minister Chrystia Freeland is expected to deliver a keynote address about the Canadian economy this afternoon in Toronto.

This speech comes as Canadians have been feeling the effects of high inflation and soaring interest rates.

Statistics Canada reported last month that the inflation rate for April increased 6.8 per cent compared with a year ago, which is the highest since January 1991.

The federal agency is scheduled to unveil May’s inflation report next week.

The U.S. Federal Reserve hiked its key interest rate by three-quarters of a percentage point on Wednesday – its largest spike since 1994, leading economists to predict the Bank of Canada will follow suit next month.

Freeland’s speech will take place at the Empire Club of Canada.