Canada’s annual inflation rate jumped to 7.7 per cent in May, the fastest pace of rising consumer prices in nearly four decades, Statistics Canada reported Wednesday. Higher prices for hotels and restaurants also contributed to the increase. “There’s no single story behind why food prices have gone up. Porter noted that rising gas prices play a role in rising food prices because the cost to ship food increases when energy prices rise. Higher costs are on the horizon, said research group Capital Economics in a note Wednesday morning.

Source: thestar June 23, 2022 01:24 UTC