But he believes liberal government policies should help address the issue.
Prime Minister Justin Trudeau said on Wednesday he is extremely concerned by the cost of living caused by high inflation, and that Liberal government policies should help address the issue.
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Canada's annual inflation rate hit an 18 year high of 4.7 per cent in October, which is more than the Bank of Canada's 2 per cent target, and analysts predict it will rise further.
The Conservative Party says Trudeau is to blame, pointing out major government spending programs in place to fight the COVID 19 epidemic.
Trudeau told the House of Commons that many other nations were facing the same problem because of the rising cost of living brought about by inflation.
Trudeau, whose Liberals won a re-election in September with a minority government, unveiled his formal agenda on Tuesday and promised to cut the costs of daycare and housing.
He said this will help families deal with the increasing cost of living.