Canada’s inflation rate hits highest point in 40 years

Canada’s inflation rate rose at its fastest pace in almost 40 years.

Statistics Canada reported Wednesday that an uptick in the price of gasoline was a major factor causing the overall inflation rate to hit 7.7 per cent.

Gas prices rose by 12 per cent in the month of May alone, and are up by 48 per cent compared to where they were a year ago.

Food prices were also a major factor to the upside, with grocery bills increasing by 9.7 per cent over the past year. Within the food category, the cost of edible fats and oils skyrocketed 30 per cent, the fastest increase on record.

Source: Jordan News Agency

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