If there is anything we've learned over the past year it's that central banks are pretty bad at predicting inflation. Because unless you are convinced that inflation is permanently out of control and the price of everything will keep rising forever, inflation must be ultimately transitory at some point. While core inflation rose again in the latest Statistics Canada data, there remain a few key products whose rising prices are benchmarks for our inflationary fears. :Inflation rate now at 7.7% — its highest since 1983 Duration 5:37 Canada's inflation rate rose at its fastest pace in almost 40 years in the year up to May, says Statistics Canada, as the price of just about everything continues to go up fast. Similarly, even as U.S. President Joe Biden promises to cut gas taxes, the price of oil has begun to slide.

Source: CBC News June 24, 2022 11:17 UTC