Statistics Canada wrote that “The rate of consumer inflation continued to rise, reaching 8.1% year over year in June, following a 7.7% gain in May.”
The consumer price change is the highest since January 1983, with gasoline prices spiking in the country.
Gasoline prices were up 54.6 percent year-over-year and for June they are up 6.2 per cent month-to-month. In May 2022, gasoline prices increased year-over-year by 48%.
Statistics Canada noted that “The acceleration in June was mainly due to higher prices for gasoline, however, price increases remained broad-based with seven of eight major components rising by 3% or more.”
Additionally, prices for services increased 5.2% year-over-year in June. This includes “Homeowners’ replacement cost, other owned accommodation expenses, food purchased from restaurants, rent, and traveller accommodation”.
Food prices in June were up 8.8 percent year-over-year, which is the same jump as the month before for May.