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.

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.

Cost of food in Canada increased 1.30 percent in February 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.

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.

In 2022, the world was hit with a significant spike in inflation. And perceptions about what the actual wave of inflation was, differed somewhat, depending on income. When asked about it in the fourth quarter of 2022, Canadian consumers earning less than 40,000 Canadian dollars a year, estimated the rate of inflation at roughly 8.3 percent. Those earning over 100,000 Canadian dollars annually believed the average inflation rate to have been about 7.9 percent during the previous 12 months. Perceived inflation rates as of the first quarter of 2024 have gone down for all income brackets.

The latest inflation rate, i.e. the percent change in the CPI from a year ago to now, in Canada was 2.64 percent. That number was released in . It shows an increase from the inflation rate in the previous month when it stood at 1.9 percent. Compared to a year ago, we see a decrease from the inflation...

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.

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 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.

As of the first quarter of 2024, consumers in Canada expected the rate of inflation to be at just over three percent in five years' time. According to the survey results, Canadians expected the country's inflation rate to sit at about five percent one year into the future.

This Alberta Official Statistic compares the Consumer Price Index year-over-year for Canada and Alberta. The graph shows the CPI for all items as well as for 9 individual sectors such as Food, Shelter, Energy, etc.

Monthly indexes and percentage changes for major components, selected sub-groups and special aggregates 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 Canada increased to 1.90 percent in January from 1.80 percent in December of 2024. This dataset provides - Canada Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

In 2024, the annual growth in food prices in the province of Newfoundland and Labrador in Canada reached approximately 3.8 percent. Newfoundland and Labrador had the highest inflation rate among all provinces. British Columbia had a food inflation rate of 2.8 percent.

When asked in the third quarter of 2023 what the inflation rate had been in the last 12 months, 18 to 24-year-olds in Canada believed it was around 12.5 percent, a staggering figure. This dropped slightly to some nine percent when asked again in early 2024. Younger Canadians frequently perceived the rate of inflation to be higher than their older counterparts did.

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.

Bank of Canada: Inflation Target data was reported at 2.000 % in 2026. This stayed constant from the previous number of 2.000 % for 2025. Bank of Canada: Inflation Target data is updated yearly, averaging 2.000 % from Dec 1992 (Median) to 2026, with 35 observations. The data reached an all-time high of 3.000 % in 1993 and a record low of 2.000 % in 2026. Bank of Canada: Inflation Target data remains active status in CEIC and is reported by Bank of Canada. The data is categorized under Global Database’s Canada – Table CA.I001: Inflation Target.

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.