Consumer price inflation accelerated to a four-decade high, adding pressure on the Bank of Canada to deliver more aggressive interest rate hikes in coming weeks.
Annual inflation rose to 7.7 per cent last month, up from 6.8 per cent in April, Statistics Canada reported Wednesday in Ottawa. That’s the highest since January 1983 and well above economist expectations for a 7.3 per cent increase. The inflation gauge rose 1.4 per cent from a month earlier with gasoline, hotel rates and cars among the largest contributors to the gains in May.
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