Ottawa: Canada's annual inflation rate soared to 8.1% in June as a result of skyrocketing gas prices, a rise of more than 50% from the previous year, according to Statistics Canada. The June inflation rate rose from 7.7% in May, the biggest annual change since January 1983.

In June, the inflation rate was 6.5%, compared to 6.3% in May, when gasoline was excluded.

The price of travel-related services increased in June due to easing of public health norms and increased passenger numbers. Compared to a year ago, the cost of accommodation across the country increased by almost 50%.

According to Statistics Canada, "the return of sporting events, festivals and other important personal gatherings has resulted in higher demand for housing, especially in major urban centres."

The Consumer Price Index rose 0.7% on a month-on-month basis, primarily as a result of rising gas and cost of living.

The price of air travel rose 6.4% from one month to the next, after a slight drop in May.

Food costs in Canada have increased by 8.8% since June 2017 compared to the same month last year.

Edible fats and oils saw the biggest year-over-year growth in foods, rising 28.8%.

The Bank of Canada is ramping up its efforts to combat rising inflation in response to concerns from businesses and consumers that high inflation will last for many years. The central bank in its most recent rate decision chose to raise its benchmark interest rate a full percentage point, the biggest single increase since 1998.

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