Jul 20, 2022
By Steve Kee
The cost of filling up our cars rose more than 50 per cent in June compared to a year ago.
Those prices are to blame for inflation skyrocketing nationally to 8.1 per cent last month.
Statistics Canada says that’s up from 7.7 per cent in May and marks the largest yearly change since January of 1983.
The price acceleration in June is consistent with what economists expected, as energy and food prices continued to rise and the economy reopened further.
In Toronto, the inflation rate was 7.4 percent, the same as last month.
Charlottetown, Prince Edward Island, saw a jump to 11.5 per cent, the highest in the country.
In its most recent rate decision, the Bank of Canada opted to hike its key interest by a full percentage point to 2.5 per cent, as fears mount over rising inflation expectations among consumers and businesses.