Shopper worth inflation accelerated to a four-decade excessive, including strain on the Financial institution of Canada to ship extra aggressive rate of interest hikes in coming weeks.
Annual inflation rose to 7.7 per cent final month, up from 6.8 per cent in April, Statistics Canada reported Wednesday in Ottawa. That’s the very best since January 1983 and effectively above economist expectations for a 7.3 per cent enhance. The inflation gauge rose 1.4 per cent from a month earlier with gasoline, lodge charges and automobiles among the many largest contributors to the good points in Could.
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