New StatCan data shows the inflation rate between May 2021 and May 2022 grew at its fastest in 40 years, CBC News reports. Higher gasoline costs helped drive the rate of inflation to 7.7 percent in May. Because of the steepness of the increase, it’s now all but a given that the Bank of Canada will raise the benchmark interest rate by a 0.75 ppt in July.
Inflation hike exceeds expectations
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