Inflation jumps to 7.7% in May, the sharpest rise since January 1983

This is also a sharp increase from the 6.8% gain recorded last April.

Prices keep going up.

Photo: Radio Canada / Robert Short

Gasoline prices, up 12% compared to April, explain this acceleration in growth in May, Statistics Canada says.

Compared to May 2021, consumers paid 48.0% more for gasoline in May due to higher crude oil prices, which was also reflected in higher prices for heating oil and other fuels (+95%), highlights Statistics Canada.

without gas prices, % d’une année à l’autre en mai, après avoir augmenté de 5,8% en avril”,”text”:”l’indice des prix à la consommation (IPC) a augmenté de 6,3% d’une année à l’autre en mai, après avoir augmenté de 5,8% en avril”}}”>The consumer price index (CPI) rose 6.3% yoy in May after rising 5.8% in Aprilsays Statistics Canada.

Rising prices for services such as hotels and restaurants have also contributed. Food and shelter prices remained high in May, with their growth rate flat year-on-yearwe can read in the report.

% d’une année à l’autre, ce qui correspond à la hausse observée en avril.”,”text”:”En mai, les frais de logement ont augmenté de 7,4% d’une année à l’autre, ce qui correspond à la hausse observée en avril.”}}”>Housing costs rose 7.4% year-on-year in May, matching the increase in April.

The document shows that the year-on-year increase in owner replacement costs was lower in May (+11.1%) than in the previous month (+13.0%).

Inflation continued its upward trend, reaching 7.7% in Canada in May, the largest rise since January 1983, Statistics Canada reported on Wednesday. Here are the details of Marieve Bégin.

The shopping cart still costs that much

Food prices increased by 9.7%, in line with the increase recorded in April.

Vegetables at a grocery store in Aylmer, Quebec

Photo: The Canadian Press/Sean Kilpatrick

The prices of almost all groceries have risen, increasing the pressure on Canadians.

The increase is due, among other things Supply chain disruptions and higher transportation prices.

L’CPI rose 1.4% in May after rising 0.6% in April.

On a seasonally adjusted monthly basis, theCPI increased by 1.1%. This is the biggest increase since the series was launched in 1992.

Meanwhile, average hourly wages rose 3.9% year-on-year in May. That’s what it means mois précédents”,”text”:”la hausse des prix a dépassé celle des salaires au cours des 12mois précédents”}}”>the increase in prices exceeded that of wages in the previous 12 months.

The inflation rate for the month of May was 7.7% and thus even exceeded the experts’ expectations. This is the highest increase since January 1983. Commentary by economist Daniel Denis.

The growth ofCPI is more pronounced in all provinces, but Prince Edward Island tops the list with a rate of 11.1%. In April, the province recorded 8.9%.

In contrast, Saskatchewan recorded the lowest rate nationwide at 7.0% in April, compared to 5.9% in the previous month.

As for Quebec, the province recorded 7.5% versus 6.8% in April.

Leave a Comment