Premier Andrew Furey believes the biggest challenge the province faced in 2023 was the cost of living.

Furey says global inflationary pressures are being felt by everyone.

He notes various initiatives government put in place to help curb the strain, such as cutting costs at motor vehicle registration in half, lowering the gas tax, and taking tax off of home insurance.

Furey acknowledges that those challenges are continuing, but is optimistic that the situation is starting to turn a corner.

He says it looks like inflation is coming under control, and he hopes that translates to interest rates being reduced in the new year as well.