An almost 50 per cent year-over-year jump in gas prices fueled the largest rise in the annual inflation rate in four decades
The consumer price index in May rose 7.7 per cent compared with a year ago, its largest increase since January of 1983.
The pain at the pumps is the result of high crude oil prices caused by supply bottlenecks
following Russia’s invasion of Ukraine and a leap in demand prompted by eased COVID-19 restrictions.
Gas prices jumped 12 per cent between April and May, the largest one-month price increase since January 2003.
(The Canadian Press)