Canada’s inflation rate hit 7.7% in May — its highest point since 1983 — as prices continue to rise from the grocery store to the gas station. But what, exactly, is inflation and how long will it remain at record highs?

Over the past few months, the term “inflation” has been unavoidable. From rising prices at the grocery store and buying gas to paying for rent and mortgages, it’s gone from being an economic concept to one that’s felt with every purchase. There can hardly be a household in Canada that hasn’t already felt staggered by inflation’s effect on most aspects of daily life.

But what, exactly, is it? Why is inflation driving up the cost of living in Canada and how does raising interest rates solve the problem? The Globe and Mail has provided a breakdown of everything you need to know about the big I.

For the complete story, with charts, graphics and video, click HERE.