Canada’s inflation keeps climbing, reaching a 39-year high of 8.1% in June

Canada’s rate of inflation soared in June 2022, to a four-decade high of 8.1%, Statistics Canada reported.

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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.

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