Canada inflation reaches 7.7% in May, highest rate since 1983

Inflation in Canada increased to 7.7% year-over-year to May, which represents the highest level of price increases in the past 40 years, Statistics Canada said on Wednesday, reports.

"Canadians continued to feel the impact of rising prices in May as consumer inflation rose 7.7% year-over-year. This was the largest yearly increase since January 1983 and up from a 6.8% gain in April," Statistics Canada said in a press release.

The increase is mainly due to high gas prices at the pump, which marked a raise of 12% in May as compared to April and a jump of 48% compared to May of last year.

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