The annual rate of inflation in Canada hit 8.1 per cent in June as prices on gasoline surged, Statistics Canada reported on Wednesday. In May, the rate of inflation reached a 39-year-high of 7.7 per cent. Economists had largely expected inflation to rise above eight per cent in the June print. As the cost of living has continued to rise, wages in Canada are lagging, rising 5.2 per cent in June on a year-over-year basis. Last week, the Bank of Canada hiked its key interest rate by a full percentage point in an effort to slow skyrocketing inflation. The rate hike was the largest single increase in more than 20 years.

Source: https://globalnews.ca/news/9002820/inflation-canada-june-2022/