Canada’s inflation rate rose to 8.1% last month, according to Statistics Canada, the fastest annual cost-of-living increase in decades.
The data agency said gasoline was the main contributor to the overall rate hike, as pump prices rose 54.6 percent compared to the same month a year ago.
If gasoline is withdrawn, the inflation rate would be 6.5 percent.
While the 8.1% figure is the fastest annual increase since 1983, economists expected the rate to be even higher, with a consensus of Bloomberg respondents predicting an 8.4% rate.