The cost of living has soared again, to nobody’s surprise.
Inflation in Canada is at its highest in almost 40 years, topping the 8% mark to sit at 8.1 in June based on year-over-year numbers.
The last time inflation was higher that 8.1% was in 1983, a time when interest rates were well into double digits.
The Bank of Canada increased its prime rate by full percentage point last week to 2.5% in order to cool the economy and get inflation down.