"Canadians continued to feel the impact of rising prices in May as consumer inflation rose 7.7% year-over-year. This was the largest yearly increase since January 1983 and up from a 6.8% gain in April," Statistics Canada said in a press release.
The increase is mainly due to high gas prices at the pump, which marked a raise of 12% in May as compared to April and a jump of 48% compared to May of last year.
In April, Canadians spent 10% more on average for groceries than during the same month in 2021. Overall, the prices of vegetables have increased by 8.2%, while the prices of fruits and meats by 10% and 10.1%, respectively.
Cereals are among the most affected products, with the price of rice increasing 7.4%, bread 12.2% and pasta 19.6%, the release said.
Housing prices are also one of the leading causes driving up inflation rates and marked a 7.4% increase in May, the release added.