Finance Minister Chrystia Freeland has delivered a keynote address to Toronto’s Empire Club about the economy and how the federal government is going to help Canadians.

The federal government affordability plan, to help Canadians dealing with rising interest rates and high inflation, includes the Bank of Canada using its key rate to keep inflation from becoming entrenched and Freeland says it involves investing in skills and training for workers to have good paying jobs, as well, it’s about affordable child care for families. “It is economic malpractice to force women to choose between their family and a career,” said Freeland Thursday.

The five point plan includes $8.9 billion dollars in spending this year which includes planned boosts to programs such as the Canada Workers Benefit and Old Age Security program.

Freeland also highlighted immigration, increased housing and free dental care. Last month, Statistics Canada reported the inflation rate for April rose 6.8 per cent compared with a year ago. That’s the highest since January 1991. May’s inflation rate is scheduled to be released next week.

The U.S. Federal Reserve hiked its key interest rate by three-quarters of a percentage point on Wednesday which is its largest hike since 1994. The Bank of Canada has hiked this country’s central bank rate twice in recent months and the rate currently sits at 1.5 per cent.

The deputy PM says Russia’s invasion of Ukraine and China’s zero-COVID policy have been leading factors behind rising inflation rates.