Inflation in Canada is at its highest level since 1983.

Statistics Canada said Wednesday that Canadian consumer prices rose 8.1% year-on-year in June 2022, the highest level since 1983.

For comparison, the annual inflation rate was 7.7% in May 2022. The growth was mainly driven by rising gasoline prices, in light of rising oil prices on world markets.

“Year-on-year, consumers paid 54.6% more for fuel in June 2022, following a 48.0% increase in May 2022, in light of rising crude oil prices,” the agency said in a statement.

The result was contrary to the expectations of analysts, who indicated that the annual inflation rate in June 2022 is expected to rise to 8.4%.

Source: RIA Novosti

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