The annual inflation rate skyrocketed to its highest level in nearly 40 years in May, fueled by soaring gas prices, Statistics Canada said Wednesday.
The agency said its consumer price index in May rose 7.7 percent compared with a year ago, its largest increase since January 1983 when it gained 8.2 percent and up from a 6.8 percent increase in April this year.
The gain came as energy prices rose 34.8 percent compared with a year ago with gasoline prices up 48.0 percent compared with a year ago.
Statistics Canada said crude oil prices rose in May due to the ongoing war in Ukraine, as well as increased demand as travel continued to grow in response to eased COVID-19 restrictions….