Canada’s inflation rate rose at its fastest pace in almost 40 years in the year up to May, as the price of just about everything continues to go up fast.
Statistics Canada reported Wednesday that an uptick in the price of gasoline was a major factor in the upswing. Gas prices rose by 12 per cent in the month of May alone, and are up by 48 per cent compared to where they were a year ago.
Economists had been expecting the rate to increase from the 30-year high of 6.8 per cent in April, but the numbers for May blew past those expectations.
More to come.