Flush out fake news, check politicians’ statements, find the real numbers: our Bureau of Investigation, based in Montreal, Quebec City and Ottawa, specializes in the art of establishing the facts. Every Saturday, our journalists and researchers present their findings to you to allow you to see more clearly in the news of the week.
THE STATEMENT
During question period in the National Assembly on Wednesday, the leader of the third opposition group, Joël Arseneau, questioned François Legault on the increase in the price of hydroelectricity.
In his response, the Prime Minister said: “When you look at the history of the last 25 years, then I know that the Minister of Finance [Eric Girard] would be much better than me to explain that to you, but the Bank of Canada, with its monetary policy, has 95% control of the inflation rate. »
FACTS
While the Bank of Canada certainly has an impact on inflation by adjusting its key rate, it is wrong to claim that it has 95% control of the inflation rate with its monetary policy. The Bank of Canada’s role is to keep inflation at around 2%, within a target range of 1 to 3%.
Inflation is mainly influenced by other factors, such as supply and demand, the geopolitical situation or the scarcity of a product. This is currently the case with the COVID-19 pandemic and Russia’s invasion of Ukraine. These issues affect the cost of gas and groceries, among other things.
The Prime Minister’s press secretary was unable to explain where the 95% came from. He mentions that it was an image used by François Legault to show that the Bank of Canada can restrict inflation within the target range of 1 to 3%.
—Nicolas Brewer
FIGURE OF THE WEEK: $71.6 M
This is the total value of cryptocurrency donations sent to the Ukrainian government’s digital wallet to support the country, according to the website of the Ministry of Digital Transformation’s “Aid For Ukraine” initiative.
According to Blockchain.com, half of this amount, or $45.1 million, was sent in Bitcoin and Ethereum, the two most popular cryptocurrencies. 88,585 transactions were carried out with these two virtual currencies on official Ukrainian government wallets.
The government has set an objective of $252 million for this type of donation.
—Charles Matthew
Reference-www.journaldemontreal.com