Inflation Rate in Canada increased to 2.60 percent in February from 1.90 percent in January of 2025. This dataset provides - Canada Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Canada's inflation rate experienced significant fluctuations from 2018 to 2025. Inflation peaked at 8.1 percent in June 2022 before steadily declining to 1.9 percent by January 2025. In response to rising inflation between 2020 and 2022, the Bank of Canada implemented aggressive interest rate hikes. The bank rate reached a maximum of 5.25 percent in July 2023 and remained stable until June 2024. As inflationary pressures eased in the second half of 2024, the central bank reduced interest rates to 3.5 percent in December 2024. This pattern reflected broader global economic trends, with most advanced and emerging economies experiencing similar inflationary challenges and monetary policy adjustments. Global context of inflation and interest rates The Canadian experience aligns with the broader international trend of central banks raising policy rates to combat inflation. Between 2021 and 2023, nearly all advanced and emerging economies increased their central bank rates. However, a shift occurred in the latter half of 2024, with many countries, including Canada, beginning to lower rates. This change suggests a new phase in the global economic cycle and monetary policy approach. Notably, among surveyed countries, Russia maintained the highest interest rate in early 2025, while Japan had the lowest rate. Comparison with the United States The United States experienced a similar trajectory in inflation and interest rates. U.S. inflation peaked at 9.1 percent in June 2022, slightly higher than Canada's peak. The Federal Reserve responded with a series of rate hikes, reaching 5.33 percent in August 2023. This rate remained unchanged until September 2024, when the first cut since September 2021 was implemented. In contrast, Canada's bank rate peaked at 5.25 percent and began decreasing earlier, with cuts in June and July 2024. These differences highlight the nuanced approaches of central banks in managing their respective economies amid global inflationary pressures.

This table contains 11 series, with data from 1949 (not all combinations necessarily have data for all years). Data are presented for the current month and previous four months. Users can select other time periods that are of interest to them.

The statistic shows the average inflation rate in Canada from 1987 to 2023, with projections up until 2029. The inflation rate is calculated using the price increase of a defined product basket. This product basket contains products and services, on which the average consumer spends money throughout the year. They include expenses for groceries, clothes, rent, power, telecommunications, recreational activities and raw materials (e.g. gas, oil), as well as federal fees and taxes. In 2022, the average inflation rate in Canada was approximately 6.8 percent compared to the previous year. For comparison, inflation in India amounted to 5.56 percent that same year.

Inflation in Canada

In general, the inflation rate in Canada follows a global trend of decreasing inflation rates since 2011, with the lowest slump expected to occur during 2015, but forecasts show an increase over the following few years. Additionally, Canada's inflation rate is in quite good shape compared to the rest of the world. While oil and gas prices have dropped in Canada much like they have around the world, food and housing prices in Canada have been increasing. This has helped to offset some of the impact of dropping oil and gas prices and the effect this has had on Canada´s inflation rate.

The annual consumer price index of food and non-alcoholic beverages in Canada has been steadily increasing over the last decade. The same is true for housing and other price indexes for the country. In general there is some confidence that the inflation rate will not stay this low for long, it is expected to return to a comfortable 2 percent by 2017 if estimates are correct.

Core consumer prices in Canada increased 2.70 percent in February of 2025 over the same month in the previous year. This dataset provides - Canada Core Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Monthly indexes and percentage changes for all components and special aggregates of the Consumer Price Index (CPI), not seasonally adjusted, for Canada, provinces, Whitehorse, Yellowknife and Iqaluit. Data are presented for the corresponding month of the previous year, the previous month and the current month. The base year for the index is 2002=100.

Between January 2022 and May 2024, the proportion of people expressing concern about the issue of inflation in Canada rose from 30 percent to more than half of the population. On the other hand, while the rise in concern was fairly fast from January to April, between April and June, the proportion of Canadians concerned regarding inflation (48 percent) did not change. It rose again starting August 2022 and reached 54 percent in May 2024.

In June 2023, the Consumer Price Index had reached 158.4 in the province of Ontario in Canada. This represented an increase of almost 20 points compared to June 2020. The Consumer Price Index (CPI) is an instrument for measuring inflation. It estimates the average change in the prices of products consumed by households between two given periods and is based on the observation of a fixed basket of goods and services. In 2022, the average inflation rate in Canada was approximately 6.8 percent compared to the previous year.

Monthly indexes for major components and special aggregates of the Consumer Price Index (CPI), not seasonally adjusted, for Canada, provinces, Whitehorse, Yellowknife and Iqaluit. Data are presented for the current month and previous four months. The base year for the index is 2002=100.

Consumer Price Index CPI in Canada increased to 161.30 points in January from 161.20 points in December of 2024. This dataset provides the latest reported value for - Canada Consumer Price Index (CPI) - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

The Consumer Price Index in Canada increased 1.10 percent in February of 2025 over the previous month. This dataset provides - Canada Inflation Rate MoM - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Inflation is generally defined as the continued increase in the average prices of goods and services in a given region. Following the extremely high global inflation experienced in the 1980s and 1990s, global inflation has been relatively stable since the turn of the millennium, usually hovering between three and five percent per year. There was a sharp increase in 2008 due to the global financial crisis now known as the Great Recession, but inflation was fairly stable throughout the 2010s, before the current inflation crisis began in 2021. Recent years Despite the economic impact of the coronavirus pandemic, the global inflation rate fell to 3.26 percent in the pandemic's first year, before rising to 4.66 percent in 2021. This increase came as the impact of supply chain delays began to take more of an effect on consumer prices, before the Russia-Ukraine war exacerbated this further. A series of compounding issues such as rising energy and food prices, fiscal instability in the wake of the pandemic, and consumer insecurity have created a new global recession, and global inflation in 2024 is estimated to have reached 5.76 percent. This is the highest annual increase in inflation since 1996. Venezuela Venezuela is the country with the highest individual inflation rate in the world, forecast at around 200 percent in 2022. While this is figure is over 100 times larger than the global average in most years, it actually marks a decrease in Venezuela's inflation rate, which had peaked at over 65,000 percent in 2018. Between 2016 and 2021, Venezuela experienced hyperinflation due to the government's excessive spending and printing of money in an attempt to curve its already-high inflation rate, and the wave of migrants that left the country resulted in one of the largest refugee crises in recent years. In addition to its economic problems, political instability and foreign sanctions pose further long-term problems for Venezuela. While hyperinflation may be coming to an end, it remains to be seen how much of an impact this will have on the economy, how living standards will change, and how many refugees may return in the coming years.

In Canada, the cost of food has increased every month from June 2022 to September 2024. In April and May 2023, the cost of food increased by 8.3 each month, compared to that month in the previous year. Inflation peaked in January 2023, but has since gown down to 2.8 percent in September 2024.

Canada inflation rate for 2023 was 3.88%, a 2.92% decline from 2022.

• Canada inflation rate for 2022 was 6.80%, a 3.41% increase from 2021.
• Canada inflation rate for 2021 was 3.40%, a 2.68% increase from 2020.
• Canada inflation rate for 2020 was 0.72%, a 1.23% decline from 2019.

Canada Core Inflation Nowcast: sa: Contribution: Foreign Exchange Rates: Foreign Exchange Rate: Daily Average: Russian Ruble data was reported at 0.000 % in 03 Mar 2025. This stayed constant from the previous number of 0.000 % for 24 Feb 2025. Canada Core Inflation Nowcast: sa: Contribution: Foreign Exchange Rates: Foreign Exchange Rate: Daily Average: Russian Ruble data is updated weekly, averaging 0.036 % from Jan 2018 (Median) to 03 Mar 2025, with 374 observations. The data reached an all-time high of 22.598 % in 20 May 2024 and a record low of 0.000 % in 03 Mar 2025. Canada Core Inflation Nowcast: sa: Contribution: Foreign Exchange Rates: Foreign Exchange Rate: Daily Average: Russian Ruble data remains active status in CEIC and is reported by CEIC Data. The data is categorized under Global Database’s Canada – Table CA.CEIC.NC: CEIC Nowcast: Inflation: Core.

According to a survey conducted in May 2023 in Canada, around 58 percent of the youth described the state of the country's economy as poor or even very poor. Older generations tended to think alike, with 53 percent of the 55 and older who believed the same.

Canada Core Inflation Nowcast: sa: Contribution: Foreign Exchange Rates: Foreign Exchange Rate: Daily Average: Norwegian Krone data was reported at 3.298 % in 10 Mar 2025. This stayed constant from the previous number of 3.298 % for 03 Mar 2025. Canada Core Inflation Nowcast: sa: Contribution: Foreign Exchange Rates: Foreign Exchange Rate: Daily Average: Norwegian Krone data is updated weekly, averaging 0.233 % from Jan 2018 (Median) to 10 Mar 2025, with 375 observations. The data reached an all-time high of 24.365 % in 20 May 2024 and a record low of 0.000 % in 16 Dec 2024. Canada Core Inflation Nowcast: sa: Contribution: Foreign Exchange Rates: Foreign Exchange Rate: Daily Average: Norwegian Krone data remains active status in CEIC and is reported by CEIC Data. The data is categorized under Global Database’s Canada – Table CA.CEIC.NC: CEIC Nowcast: Inflation: Core.

According to a survey conducted in May 2023 in Canada, 54 percent of the respondents aged between 18 and 34 declared that the state of their household's finances was good. On the other hand, almost 70 percent of the people aged 55 and older declared the same.

Canada Core Inflation Nowcast: sa: Contribution: Foreign Exchange Rates: Foreign Exchange Rate: Daily Average: Taiwanese Dollar data was reported at 0.596 % in 10 Mar 2025. This stayed constant from the previous number of 0.596 % for 03 Mar 2025. Canada Core Inflation Nowcast: sa: Contribution: Foreign Exchange Rates: Foreign Exchange Rate: Daily Average: Taiwanese Dollar data is updated weekly, averaging 0.098 % from Jan 2018 (Median) to 10 Mar 2025, with 375 observations. The data reached an all-time high of 26.368 % in 13 May 2019 and a record low of 0.000 % in 18 Nov 2024. Canada Core Inflation Nowcast: sa: Contribution: Foreign Exchange Rates: Foreign Exchange Rate: Daily Average: Taiwanese Dollar data remains active status in CEIC and is reported by CEIC Data. The data is categorized under Global Database’s Canada – Table CA.CEIC.NC: CEIC Nowcast: Inflation: Core.

Canada Core Inflation Nowcast: sa: Contribution: Foreign Exchange Rates: Foreign Exchange Rate: Daily Average: Brazilian Real data was reported at 0.184 % in 10 Mar 2025. This stayed constant from the previous number of 0.184 % for 03 Mar 2025. Canada Core Inflation Nowcast: sa: Contribution: Foreign Exchange Rates: Foreign Exchange Rate: Daily Average: Brazilian Real data is updated weekly, averaging 0.757 % from Jan 2018 (Median) to 10 Mar 2025, with 375 observations. The data reached an all-time high of 43.824 % in 16 May 2022 and a record low of 0.000 % in 18 Nov 2024. Canada Core Inflation Nowcast: sa: Contribution: Foreign Exchange Rates: Foreign Exchange Rate: Daily Average: Brazilian Real data remains active status in CEIC and is reported by CEIC Data. The data is categorized under Global Database’s Canada – Table CA.CEIC.NC: CEIC Nowcast: Inflation: Core.