Inflation hit 7.7% in May, fuelled by soaring gas, food prices: Statistics Canada
The annual inflation rate skyrocketed to its highest level in nearly 40 years in May, fueled by soaring gas prices, Statistics Canada said Wednesday.
The agency said its consumer price index in May rose 7.7 per cent compared with a year ago, its largest increase since January 1983 when it gained 8.2 per cent, and up from a 6.8 per cent increase in April this year.
The gain came as energy prices rose 34.8 per cent compared with a year ago with gasoline prices up 48.0 per cent compared with a year ago. Read more: Soaring food inflation has 72% of families with kids worried: Ipsos poll Statistics Canada said crude oil prices rose in May due to the ongoing war in Ukraine, as well as increased demand as travel continued to grow in response to eased COVID-19 restrictions.
Excluding gasoline, the annual inflation rate in May rose to 6.3 per cent compared with 5.8 per cent in April. The rising inflation rate comes as the Bank of Canada works to bring it back under control.
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