Inflation in Canada in June reached the highest since 1983

According to Statistics Canada, inflation reached 8.1% in June. The last time such values were recorded was in 1983. In May, consumer prices in Canada increased by 7.7% year-on-year.

Among the main factors of inflation growth, analysts indicate a rise in fuel prices. Excluding the cost of fuel, consumer prices rose by 6.5% in June.

The agency's report notes that year-on-year consumers paid 54.6% more for fuel in June. In May, the increase in fuel prices was 48.0%. Analysts are confident that fuel prices have largely followed crude oil prices.

Prices for passenger vehicles also increased (by 8.2%), services rose by 5.2%, living expenses increased by 12.2%, and living expenses for traveling around the country increased by 49.7%.