Canada inflation rate at 7.7%, 40-year high

By Barry Ellsworth

TRENTON, Canada (AA) - Inflation in Canada has skyrocketed to 7.7%, it was reported Wednesday, leaving a majority of families worried about feeding their children.

A new Ipsos poll published Wednesday found 72% of families are concerned they will have trouble putting food on the table in the face of the highest inflation rate since 1983. Even 57% of households without children are worried they will not be able to buy enough food.

Concerns are particularly acute among younger Canadians who are suffering more stress than those who went through the high inflation during the 1980s.

“Younger Canadians are looking at a situation that they haven’t seen in their lifetime,” said Gregory Jack, public affairs vice president of the Ipsos polling company. The poll was commissioned for Global News.

“You can see why all of this is kind of piling on all at the same time. This is a unique period in Canadian history. I mean, we haven’t had inflation this high in over 30 years,” said Jack.

Inflation is hitting all segments of the economy besides groceries, with gas prices up 48% compared to a year ago, and 12% in May, adding fuel to inflationary growth.

Food prices are up 9.7% overall, including record jumps in the price of edible fats and oil by 30%.

The major reason for the cooking oil increase is the war in Ukraine because that country is one of the world's top supplies of sunflower oil.

Some experts said there will be no relief from high prices in the foreseeable future.

"If you aren't over 40, you have never lived through inflation like this, and unfortunately, we are not expecting much of a reprieve going forward," TD Bank economist Leslie Preston told CBC News. "Inflation is expected to remain elevated through 2022."

The poll was conducted June 9 - 13 with 1,001 Canadians aged 18 and older surveyed.