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Canada’s inflation rate hits 41-year high in April as food prices spike

The rising cost of food and shelter helped Canada’s inflation rate hit 6.8 percent last month.

Statistics Canada says April’s rate was the highest it’s been since 1981.

It was just over the 6.7 percent rate seen in March.

Canadians paid 9.7 percent more in April for groceries, the largest increase in that category in 41 years.

A CIBC chief economist adds the news could see the Bank of Canada hike its benchmark interest rate at its meeting early next month.

with files from Vista Radio newswire

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