Annual inflation in Canada accelerated in May to 7.7% from 6.8% in April, according to Statistics Canada.
The authorities indicated that inflation in Canada last month recorded the highest level since 1983, the highest level in almost 40 years, when the index recorded an annualized rate of 8.2%.
Inflation results for the past month deviated from the expectations of analysts who had expected the country’s annual inflation rate to reach 7.4%, according to a survey conducted by the DailyFX portal.
It says that the rise in gasoline prices was the main driver of inflation, and gas prices rose by 12% in May alone.
Consumer prices in Canada rose 1.4% m/m in May 2022 after a 0.6% increase in April 2022.
Source: RIA Novosti