INFLATION IN CANADA HITS 40 YEAR HIGH OF 7.7 PERCENT ON RECORD HIGH GAS PRICES

Jun 22, 2022

By Jane Brown

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It’s no big surprise if you’ve been grocery shopping or at the gas station lately.

According to Statistics Canada, the annual inflation rate in May skyrocketed to its highest level in nearly 40 years, fueled by soaring gas prices.

The agency’s latest report says the consumer price index in May rose 7.7 per cent compared with May of 2021, its largest increase since January 1983 when it gained 8.2 percent and up from a 6.8 percent annual increase in April.

The gain came as energy prices rose nearly 35 percent compared with a year ago with gasoline prices up 48 per cent compared with May of last year.

Food costs were also up as the cost of groceries rose 9.7 per cent compared with a year ago, matching the April increase.

Prices for traveller accommodation gained 40.2 per cent compared with a year ago, while the price of food purchased in restaurants gained 6.8 per cent.

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