The statistic shows the average inflation rate in Canada from 1987 to 2024, with projections up until 2030. 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.

Since July 2020, the inflation rate in Canada has been increasing at a steady pace. It amounted to 0.1 percent at that time, but had reached 6.9 percent by October 2022, a rise that was mainly driven by rising gas prices.
By the end of April 2023, the Consumer Price Index (CPI) of Canada, which is the official measure of inflation, had increased by 0.7 percent from the previous month.

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.

Cost of food in Canada increased 3.80 percent in April of 2025 over the same month in the previous year. This dataset provides the latest reported value for - Canada Food Inflation - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Canada's inflation rate experienced significant fluctuations from 2018 to 2025. Inflation peaked at *** percent in June 2022 before steadily declining to *** percent by December 2024. In early 2025, inflation began to increase again, rising to *** percent in February, and dropping to *** percent in March. 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 **** 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 *** percent in December 2024. In 2025, the bank rate witnessed two cuts, standing at ***** percent in April 2025. 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 *** percent in June 2022, slightly higher than Canada's peak. The Federal Reserve responded with a series of rate hikes, reaching **** 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 **** 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.

Annual indexes for major components and special aggregates of the Consumer Price Index (CPI), for Canada, provinces, Whitehorse, Yellowknife and Iqaluit. Data are presented for the last five years. The base year for the index is 2002=100.

In June 2023, the Consumer Price Index had reached 154.1 in the province of Quebec in Canada. This represented an increase of more than 21 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.

Historical (real-time) releases of the measures of core inflation, with data from 1989 (not all combinations necessarily have data for all years). Data are presented for the current release and previous four releases. Users can select other releases that are of interest to them.

Canada CA: Core Inflation Index: YoY: Single Hit Scenario data was reported at 1.250 % in 2021. This records an increase from the previous number of 1.242 % for 2020. Canada CA: Core Inflation Index: YoY: Single Hit Scenario data is updated yearly, averaging 1.542 % from Dec 1993 (Median) to 2021, with 29 observations. The data reached an all-time high of 2.731 % in 2002 and a record low of 0.067 % in 1994. Canada CA: Core Inflation Index: YoY: Single Hit Scenario data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s Canada – Table CA.OECD.EO: Consumer and Wholesale Price Index: Forecast: OECD Member: Annual. PCORE_YTYPCT - Core inflationOECD group, all items non-food non-energy. See exceptions at the country's serie metadataData are seasonally adjusted by the OECD; All-items excluding food and energy

Between October 2020 and June 2024, the consumer price index for gasoline increased substantially in Canada. Indeed, the CPI was 149 at the beginning of the period, and 235.7 at the end. The consumer price index increased by more than 105 points between June 2021 and June 2022. When surveyed in March 2022, half of Canadians reported that inflation had a strong negative impact on their household in terms of gas.

Canada Inflation Nowcast data was reported at 2.025 % in 14 Apr 2025. This records a decrease from the previous number of 2.331 % for 07 Apr 2025. Canada Inflation Nowcast data is updated weekly, averaging 2.767 % from Jan 2019 (Median) to 14 Apr 2025, with 328 observations. The data reached an all-time high of 7.882 % in 08 Aug 2022 and a record low of -0.344 % in 13 Jul 2020. Canada Inflation Nowcast 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: Headline.

Monthly indexes and percentage changes for selected sub-groups of the food component of the Consumer Price Index (CPI), not seasonally adjusted, for Canada, provinces, Whitehorse and Yellowknife. 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.

Inflation Rate in Mexico increased to 4.42 percent in May from 3.93 percent in April of 2025. This dataset provides - Mexico Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

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.

Canada CA: Core Inflation Index: YoY: Double Hit Scenario data was reported at 0.891 % in 2021. This records a decrease from the previous number of 1.210 % for 2020. Canada CA: Core Inflation Index: YoY: Double Hit Scenario data is updated yearly, averaging 1.542 % from Dec 1993 (Median) to 2021, with 29 observations. The data reached an all-time high of 2.731 % in 2002 and a record low of 0.067 % in 1994. Canada CA: Core Inflation Index: YoY: Double Hit Scenario data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s Canada – Table CA.OECD.EO: Consumer and Wholesale Price Index: Forecast: OECD Member: Annual. PCORE_YTYPCT - Core inflationOECD group, all items non-food non-energy. See exceptions at the country's serie metadataData are seasonally adjusted by the OECD; All-items excluding food and energy

Canada CA: Core Inflation Index: Double Hit Scenario data was reported at 1.147 Index, 2012 in 2021. This records an increase from the previous number of 1.137 Index, 2012 for 2020. Canada CA: Core Inflation Index: Double Hit Scenario data is updated yearly, averaging 0.929 Index, 2012 from Dec 1992 (Median) to 2021, with 30 observations. The data reached an all-time high of 1.147 Index, 2012 in 2021 and a record low of 0.733 Index, 2012 in 1992. Canada CA: Core Inflation Index: Double Hit Scenario data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s Canada – Table CA.OECD.EO: Consumer and Wholesale Price Index: Forecast: OECD Member: Annual. PCORE - Core inflation indexOECD group, all items non-food non-energy. See exceptions at the country serie metadataIndex, national reference yearData are seasonally adjusted by the OECD; All-items excluding food and energy

By June 2023, the Consumer Price Index had reached 158.5 in the province of Manitoba in Canada. This represented an increase of more than 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.

Canada Core Inflation Nowcast: sa: Contribution: Securities Yield data was reported at 45.333 % in 12 May 2025. This stayed constant from the previous number of 45.333 % for 05 May 2025. Canada Core Inflation Nowcast: sa: Contribution: Securities Yield data is updated weekly, averaging 11.721 % from Jan 2018 (Median) to 12 May 2025, with 384 observations. The data reached an all-time high of 98.270 % in 18 Nov 2024 and a record low of 0.709 % in 13 Jan 2020. Canada Core Inflation Nowcast: sa: Contribution: Securities Yield 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.

The benchmark interest rate in Canada was last recorded at 2.75 percent. This dataset provides - Canada Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Canada Inflation Nowcast: Contribution: Money Market: Overnight Money Market Financing Rate data was reported at 0.000 % in 14 Apr 2025. This records a decrease from the previous number of 13.118 % for 07 Apr 2025. Canada Inflation Nowcast: Contribution: Money Market: Overnight Money Market Financing Rate data is updated weekly, averaging 0.000 % from Jan 2019 (Median) to 14 Apr 2025, with 328 observations. The data reached an all-time high of 84.840 % in 13 Jul 2020 and a record low of 0.000 % in 14 Apr 2025. Canada Inflation Nowcast: Contribution: Money Market: Overnight Money Market Financing Rate 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: Headline.