Toronto 
Statistics Canada today released the Consumer Price Index report for May 2022, and the annual rate of inflation has now hit 7.7 per cent – the highest since 1983.
This is nearly a percent point higher than April’s inflation rate of 6.8 per cent
As per the report, rate of inflation excluding gasoline is 6.3%, higher than 5.8% increase in April. Gasoline prices increased 12.0% in May, after a 0.7% decline in April.
The cost of services at hotels and restaurants also increased by 5.2% in May.
Statistics Canada says prices of grocery increased rose 9.7%, due to supply chain disruptions, as well as higher transportation and input costs. This includes record-high increase in edible fats and oils (+30.0%). Prices of fresh vegetable increased 10.3% and fresh or frozen fish rose 11.7% year over year in May. The meat prices increased at a slower pace in May (+9.0%) compared with April (+10.1%).
The cost of furniture increased by 15.8% year over year due to higher shipping and input costs and the introduction of 22.7% tariffs for imported upholstered furniture from China and Vietnam.
Among the provinces, PEI experienced the highest inflation at 11.1%. Saskatchewan and Alberta have the lowest inflation at 7.0 and 7.1 percent respectively.
Personal Inflation Calculator
Statistics Canada has an online Personal Inflation Calculator which you can use to see what your personal inflation was in 2022 depending on the amount you spent monthly on groceries, rent, mortgage etc.
To tame runaway inflation, the Bank of Canada is expected to announce yet another increase in interest rates on July 13th.
