Consumer prices in Canada rose 7.7% year on year in May, Statistics Canada said on Wednesday, The figure marks the highest level of annual inflation in the country since January 1983, APA reports citing Teletrader.
The jump in consumer prices was mainly attributed to soaring gasoline prices, which climbed 12% compared to the previous month, but also to rising prices for services, such as hotels and restaurants. Excluding gasoline prices, the Consumer Price Index (CPI) was up 6.3% on an annual basis in May.
Compared to April, the CPI increased 1.4% and, on a seasonally adjusted monthly basis, it was up 1.1%.
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