May Inflation Rate Hits 7.7%
Stats Canada says the inflation rate for May was 7.7%.
The federal agency says that’s the biggest yearly increase since January of 1983.
It’s also up from a 6.8% gain in April.
The agency says the increase in May was mostly because of higher prices for gasoline that rose 12 % compared with April.
It says higher prices for services, such as hotels and restaurants, also contributed to the increase.