The cost of living has soared again, to nobody’s surprise.

Inflation in Canada is at its highest in almost 40 years, topping the 8 per cent mark to sit at 8.1 in June based on year-over-year numbers. The last time inflation was higher than 8.1 per cent was in 1983, a time when interest rates were well into double digits.

In Newfoundland and Labrador, inflation went to 8.2 in June.

The Bank of Canada increased its prime rate by a full percentage point last week to 2.5 per cent in order to cool the economy and get inflation down.