Canada’s inflation rate has probably hit its highest in nearly 40 years, according to a Bloomberg survey of economists. Statistics Canada data due next week are expected to show the consumer price index rose 7.3 per cent in May from the previous year. That would be the fastest yearly pace since 1983, and will all but cement expectations for a 75-basis-point interest rate hike from the Bank of Canada at its next meeting. Wednesday’s report will incorporate used car prices for the first time, and will give more weight to gasoline in the basket of goods and services, under a methodological change announced earlier this ... (full story)