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Inflation Surges to 7.7% in Canada, Fastest Pace Since 1983

Annual inflation rose to 7.7% last month, up from 6.8% in April, Statistics Canada reported Wednesday in Ottawa. That’s the highest since January 1983 and well above economist expectations for a 7.3% increase. The inflation gauge rose 1.4% from a month earlier with gasoline, hotel rates and cars among the largest contributors to the gains in May.

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