CBC News published this video item, entitled “Inflation rate now at 7.7% — its highest since 1983” – below is their description.
Canada’s inflation rate rose at its fastest pace in almost 40 years in the year up to May, says Statistics Canada, as the price of just about everything continues to go up fast.
CBC News YouTube Channel
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About This Source - CBC News
CBC News is the division of the Canadian Broadcasting Corporation responsible for the news gathering and production of news programs on the corporation’s English-language operations, namely CBC Television, CBC Radio, CBC News Network, and CBC.ca.
CBC News is the largest news broadcaster in Canada. It frequently collaborates with its French-language counterpart, Radio-Canada Info, although the two are organizationally separate.
Canada is a country in the northern part of North America. It extends from the Atlantic to the Pacific and northward into the Arctic Ocean, covering 9.98 million square kilometres (3.85 million square miles), making it the world’s second-largest country by total area.
Its southern and western border with the United States, stretching 8,891 kilometres (5,525 mi), is the world’s longest bi-national land border. Canada’s capital is Ottawa, and its three largest metropolitan areas are Toronto, Montreal, and Vancouver.
Various Indigenous peoples inhabited what is now Canada for thousands of years before European colonization. The Canada Act 1982, which severed the vestiges of legal dependence on the British Parliament. Canada is a parliamentary democracy and a constitutional monarchy in the Westminster tradition, with a monarch and a prime minister who serves as the chair of the Cabinet and head of government.
As a highly developed country, Canada has the seventeenth-highest nominal per-capita income globally as well as the thirteenth-highest ranking in the Human Development Index. Its advanced economy is the tenth-largest in the world, relying chiefly upon its abundant natural resources and well-developed international trade networks.
In economics, inflation refers to a general progressive increase in prices of goods and services in an economy. When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation corresponds to a reduction in the purchasing power of money.