Inflation in Canada for June hits record since 1983

Consumer prices in Canada rose 8.1 per cent year-on-year in June 2022, the highest since 1983, the country’s statistics agency said Wednesday.

Fuel prices are among the main drivers of the increase, with seven of the index’s eight components showing a positive trend of at least 3% in the first summer month. Excluding fuel prices, consumer prices rose 6.5 per cent in June.

“On a year-on-year basis, consumers paid 54.6% more for fuel in June, following a 48.0% increase in May. Fuel prices largely followed crude oil prices,” the authority said in its report.

In addition to fuel, passenger vehicle prices were up 8.2%, services were up 5.2%, living expenses were up 12.2% and domestic travel expenses were up 49.7%.

Canadian consumer prices rose 7.7% year-on-year in May.