Canada's inflation rate increased to 3.6 per cent in May, the fastest pace in a decade, Statistics Canada says. But even on a monthly basis, the cost of gasoline went up in May by 3.2 per cent compared to April's level. But the inflation rate was even higher than that, which suggests Canada's economy is, indeed, starting to kick into high gear after stalling out during COVID-19. While undeniably hot, Canada's inflation rate is not as warm as the one in the U.S., where the cost of living went up at an annual rate of 3.8 per cent last month. "We really haven't had that much inflation if you measured prices relative to where they were in the spring of 2019."

Source: CBC News June 16, 2021 13:03 UTC