Inflation increased 8.1 per cent this June compared to June of 2021.

That comes on the heels of the 7.7 per cent gain in May and is a new 39 year high, the largest yearly increase since January 1983.

Statistics Canada says the increase in inflation in June was mainly due to higher prices for gasoline however, prices have gone up across the board with seven of eight major components increasing 3 per cent.

If you take gasoline out of the mix, the Consumer Price Index in June increased 6.5 per cent year over year. Consumers paid 54.6 per cent more for gasoline in June 2022 compared to last year.

On average, prices rose faster than hourly wages, which increased 5.2% in the 12 months to June, based on data from the Labour Force Survey.

And if you have been in the market to buy a new vehicle, the purchase of passenger vehicles index rose 8.2% on a year-over-year basis in June. Statistics Canada says demand for passenger vehicles continues to outpace supply as a result of the ongoing semi-conductor shortage, putting upward pressure on prices.