Wednesday, June 22, 2022

Food prices up by 9.7 per cent

Food prices were 9.7 per cent higher in May than a year ago, reports Statistics Canada.

But there has been no change since April.

Energy prices are up by 34.8 per cent.

The Consumer Price Index is up by 7.7 per cent compared with 6.3 per cent in April. It’s considered the best measure of inflation.

The inflation rate is now higher than it has been since 1983. That’s when interest rates spiked to 20 per cent and more.