Inflation rate jumped to 7.7% in May, Statistics Canada says

Statistics Canada says inflation hit 7.7 per cent in May, the largest increase since January 1983, as prices rose across the board.

Statistics Canada says the annual rate of inflation jumped to 7.7 per cent in May, topping big bank estimates.

The reading is the largest increase in the Consumer Price Index since January 1983.

Soaring gas prices were one of the main factors driving inflation, the agency said. Hotel and food service costs also contributed to the jump.

This follows an inflation rate hit 6.8 per cent in April.

Economists at the Bank of Montreal had predicted the May figure would top seven per cent amid a surge in energy prices, but had called for a 7.4 per cent hike.

More to come.