Author: Canada Vancouver Sailing Farm – Maple news Talk
（Picture source TNC News）
According to the “True North” report on June 22, the latest data from the Bureau of Statistics shows that Canada’s inflation rate has risen to nearly 8% in May, reaching the highest value since January 1983.
The surge in consumer indices such as car and gasoline prices and hotel room rates was reported to be one of the biggest factors behind the country’s continued expansion of inflation in May. Compared to last year, energy prices have increased by 35%, with gasoline prices rising by 50%. In addition, food costs have risen by 10%, while hotel prices have risen by more than 40%.
To this end, the Bank of Canada has been forced to raise interest rates frequently to combat inflation, which is expected to reach as high as 3.5% by the end of this year. With the Trudeau government’s lack of concrete action to reduce the government’s high spending, the burden of slowing inflation is falling on the private sector.
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