Canada Inflation Reaches 7.7% in May, Highest Rate Since January 1983

© AFP 2022 / LARS HAGBERGCanadian flags line the walkway in front of the Parliament in Ottawa, Ontario, October 2, 2017
Canadian flags line the walkway in front of the Parliament in Ottawa, Ontario, October 2, 2017 - Sputnik International, 1920, 22.06.2022
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OTTAWA (Sputnik) - Inflation in Canada increased to 7.7% year-over-year to May, which represents the highest level of price increases in the past 40 years, Statistics Canada said on Wednesday.
"Canadians continued to feel the impact of rising prices in May as consumer inflation rose 7.7% year-over-year. This was the largest yearly increase since January 1983 and up from a 6.8% gain in April," Statistics Canada said in a press release.
The increase is mainly due to high gas prices at the pump, which marked a raise of 12% in May as compared to April and a jump of 48% compared to May of last year.
Canadian dollars - Sputnik International, 1920, 16.03.2022
Canada Inflation Rate Spikes to Highest Level Since August 1991
In April, Canadians spent 10% more on average for groceries than during the same month in 2021. Overall, the prices of vegetables have increased by 8.2%, while the prices of fruits and meats by 10% and 10.1%, respectively.
Cereals are among the most affected products, with the price of rice increasing 7.4%, bread 12.2% and pasta 19.6%, the release said.
Housing prices are also one of the leading causes driving up inflation rates and marked a 7.4% increase in May, the release added.
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