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