Canada’s highest inflation in 40 years

Canada is experiencing the highest inflation rate in four decades – 7.7% in annual terms.

According to an Ukrinform correspondent, this is evidenced by data Bureau of Statistics Canada.

“In May, Canadians continued to be affected by rising prices as consumer inflation accelerated to 7.7% on an annualized basis. This is the largest annual growth since January 1983,” the Statistical Bureau noted.

At the same time, the increase in oil prices provoked by Russian aggression has a significant impact on inflation in Canada.

“Prices for energy resources in annual terms in May increased by 34.8% <...>. Compared to April 2021, consumers paid 48% more for gasoline in May due to higher crude oil prices, which also led to higher prices for other types of fuel (+95.1%),” the ministry said.

Perhaps the biggest increase was shown by fuel, which has risen in price by 36.3% over the year.

Read also: US inflation breaks 40-year record amid pandemic and war in Ukraine

Also, food prices have increased significantly, for the second month in a row they are growing by almost 10%.

“Edible fats and oils (+30%) showed the largest increase on record, mainly due to higher prices for cooking oils,” the report states.

It should be noted that before the Russian invasion, Ukraine was the largest exporter of sunflower oil in the world.

Read also: due to the war of Russia in Ukraine, inflation “jumped” around the world – US Treasury

As reported, Canada It has been recording record inflation for several months in a row, so the issue of lowering prices comes to the fore among the country’s domestic political priorities.

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