(Canada) Hold onto your wallet: Inflation jumps to 8.1 per cent
Source: Toronto Star
BUSINESS
Hold onto your wallet: Inflation jumps to 8.1 per cent
Statistics Canada says it’s the largest yearly change since January 1983.
By Josh Rubin Business Reporter
Wed., July 20, 2022
update Article was updated 20 mins ago
The cost of living keeps on skyrocketing. ... According to new data from Statistics Canada released Wednesday morning, the Consumer Price Index — the main measure of inflation — rose 8.1 per cent in June. ... That’s higher than the 7.7 per cent figure seen in May, and is the highest year-over-year increase since January 1983.
The biggest driver was the price of gasoline, which continued soaring. Canadians paid an average of 54.6 per cent more for gas than they did a year earlier. ... The price of food rose 8.8 per cent.
As Canadians begin to travel more as COVID-19 restrictions ease, they’re also paying more for hotels, with prices shooting up 49.7 per cent year over year, including a 68 per cent rise in Ontario.
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The Bank of Canada has raised its key overnight lending rate four times this year in an attempt to control inflation. On July 13, the bank shocked markets by raising the rate by a full percentage point, to 2.5 per cent.
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Read more: https://www.thestar.com/business/2022/07/20/how-bad-is-inflation-getting-statistics-canada-is-about-to-tell-us.html
From the source, Statistics Canada -- Statistique Canada:
https://www150.statcan.gc.ca/n1/daily-quotidien/220720/dq220720a-eng.htm
Consumer Price Index, June 2022
Released: 2022-07-20
Consumer Price Index
June 2022
The rate of consumer inflation continued to rise, reaching 8.1% year over year in June, following a 7.7% gain in May. The increase was the largest yearly change since January 1983. 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.
Excluding gasoline, the CPI rose 6.5% year over year in June, following a 6.3% increase in May.
On a monthly basis, the CPI rose 0.7% in June, following a 1.4% increase in May. On a seasonally adjusted monthly basis, the CPI was up 0.6%.
On average, prices rose faster than hourly wages, which increased 5.2% in the 12 months to June, based on data from the Labour Force Survey.
On a year-over-year basis, consumers paid 54.6% more for gasoline in June following a 48.0% increase in May, contributing the most to headline consumer inflation.
Prices at the pump rose 6.2% month over month in June, following a 12.0% increase in May. Gas prices largely followed crude oil prices, which peaked in the first week of June with higher global demand amid the easing of COVID-19 public health restrictions in China, the largest importer of crude oil. Crude oil prices eased in the remaining weeks of June amid slowing demand worldwide related to concerns of a global economic slowdown.
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= new reply since forum marked as read
even in oil producing countries like Canada. He's so mean like that. 
