Canada’s inflation rate skyrockets to 7.7% in May – it’s highest point since 1983

A battle between supply and demand has Canada’s inflation rate at the highest it’s been in nearly 40 years (January 1983).

Statistics Canada says the annual inflation rate skyrocketed to 7.7 percent in May, fueled by soaring gas prices, which rose 12 percent compared to April.

All eight major components of the index saw increase last month, with food and shelter prices rising at the same rate as in April, up 8.8 percent and 7.4 percent respectively.

– with files from Vista Radio newswire