Inflation in Canada rose at the fastest pace in nearly 40 years in the year to May, according to Statistics Canada, as the price of just about everything continues to rise rapidly.
Statistics Canada says the annual inflation rate rose to its highest level in nearly 40 years in May, driven by higher gas prices.
The agency says that the consumer price index in May rose 7.7% compared to a year ago, the largest rise since January 1983 when it rose 8.2% and an increase of 6.8% in April of this year.
The increase came with a 34.8% increase in energy prices compared to last year and a 48% increase in gasoline prices compared to last year. Excluding gasoline, the annual inflation rate for the month of May rose to 6.3%, compared to 5.8% in April.
Food costs are up, too, with the cost of store-bought food up 9.7% from a year ago, matching the increase in April, with prices for just about everything in the grocery cart rising.
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