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Annual inflation in Canada reached 7.7 percent in May 2022, accelerating from 6.8 percent in April.

The rate of price increases was the highest in nearly 40 years, since 1983, data from the country's Bureau of Statistics showed.

Excluding the cost of gasoline, which rose 12 percent in monthly terms and 48 percent in annual terms, consumer prices rose 6.3 percent in May on a seasonally adjusted basis after rising 5.8 percent in April. Inflation excluding food and electricity prices broke a 30-year record of 5.2 percent.

Meanwhile, the electricity category saw the largest increase, plus 34.8 percent over the same period in 2021. The statistical bureau explains that crude oil prices rose in May due to increased demand and instability in energy markets amid the special operation in Ukraine.

On an annualized basis, prices rose on average faster than household wages in May. Bloomberg notes that this state of affairs may strongly hinder the country's economic growth.

 

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