Inflation in Canada rose to 7.7% in May 2022, making it the biggest increase since Jan. 1983.

According to Statistics Canada, gasoline, hotel rates and cars are among the largest contributors to the increase in May.

Energy prices have increased by 34.8% compared to last year. The price of gasoline has increased by 48.0% compared to a year earlier.

Excluding gasoline, the Consumer Price Index has risen by 6.3%, following a 5.8% rise in April.

The cost of food has risen by 9.7%, while the cost of services saw a 5.2% increase.

Meanwhile, the price of traveller accommodation rose by 40.2%, while restaurant prices have increased by 6.8%.

The historically-high inflation rate puts additional pressure on the Bank of Canada to deliver even more aggressive interest rate hikes. According to Bloomberg News, interest rates are expected to reach as high as 3.5% by the end of this year.

Conservative Party interim leader Candice Bergen reacted to the news by stating that “Canadians need relief from the cost-of-living crisis.”

BREAKING: Canada’s inflation hits 7.7%

Canadians need relief from the cost-of-living crisis yet the NDP-Liberals continue their tax & spend agenda.

Conservatives will continue to propose common-sense solutions to lower inflation & be the voice for struggling Canadians.

— Candice Bergen (@CandiceBergenMP) June 22, 2022

Meanwhile, Conservative leadership candidate Pierre Poilievre called for the end of “inflationary deficits.”

BREAKING: #JustinFlation reaches nearly 4-decade high of 7.7%.

Record high gas prices. Crippling grocery prices. Rising interest rates. And no end in sight to the pain for families just barely getting by.

Stop inflationary deficits. Bring back common cents.

— Pierre Poilievre (@PierrePoilievre) June 22, 2022

Poilievre has also called on Trudeau to suspend the gas tax for the summer so that Canadians can have financial relief.

In recent months, Poilievre has been highly critical of the BoC. The Carleton MP has accused the BoC’s governor Tiff Macklem of being an “ATM” for Prime Minister Justin Trudeau’s deficit spending and fuelling inflation. Poilievre has pledged to fire Macklem if he’s elected prime minister.

Scott Aitchison also reacted to the news by saying “families are struggling to pay the bills. Enough is enough.”

Inflation just hit a 39-year-high in Canada.

Families are struggling to pay the bills.

Enough is enough.

As Conservative leader, I’ll make life more affordable — I’ll scrap the carbon tax, end supply management, lower taxes, and end the housing crisis.https://t.co/2WG8Y6Nh62 pic.twitter.com/jY5bw6SQku

— Scott Aitchison (@ScottAAitchison) June 22, 2022

Meanwhile, Roman Baber blamed Trudeau’s unwillingness to develop natural resources on the high fuel prices that are causing inflation.

It’s more that Justin printing. The sharp rise in energy prices resulted from @JustinTrudeau‘s refusal to develop natural resources. It caught up with us. This is a self-inflicted injury. I propose we turn Canada in to a natural resources superpower! #cdnpoli #cpcldr #onpoli pic.twitter.com/49t1xgjfDg

— Roman Baber (@Roman_Baber) June 22, 2022

Last week, Finance Minister Chrystia Freeland unveiled the federal government’s plan to address the historically-high inflation rates. While touting “fiscal restraint,” Freeland continued to tack on government spending by announcing $8.9 billion in measures to “tackle affordability.”

In response, Scotiabank economists decried the Trudeau government’s lack of action in reducing government spending. In its report, Scotiabank argued that the burden of lowering inflation is falling on the private sector as the federal government continues to spend at high levels.

 

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