Latest reading: Harmonized inflation ticked up to 1.8% in December, following November’s 1.7% and below the Euro area average. The...
Inflation in Canada
Canada maintained a relatively stable inflation rate from 2013 to 2019, averaging close to 2%. The country's inflation management strategies, including a strong monetary policy framework, contributed to this stability. However, the COVID-19 pandemic led to a temporary rise in inflation, driven by supply chain disruptions and government stimulus measures. By the end of 2022, the inflation rate had started to recede, indicating the effectiveness of the Bank of Canada's measures in controlling price increases.
Consumer price inflation in Canada averaged 2.2% in the ten years to 2022. This is above the major economies' regional average of 2.1%. In contrast, the 2022 average figure was 6.8%. For more inflation information, visit our dedicated page.
Canada Inflation Chart
Note: This chart displays Inflation Rate (CPI, annual variation in %) for Canada from 2024 to 2023.
Source: Macrobond.
Canada Inflation Data
| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| Inflation (CPI, ann. var. %, aop) | 1.9 | 0.7 | 3.4 | 6.8 | 3.9 |
| Inflation (CPI, ann. var. %, eop) | 2.2 | 0.7 | 4.8 | 6.3 | 3.4 |
| Inflation (Core, ann. var. %, aop) | 1.8 | 1.2 | 2.8 | 5.6 | 3.5 |
| Inflation (PPI, ann. var. %, aop) | -0.1 | -0.4 | 13.9 | 12.8 | -1.8 |
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Canadian inflation projections for the next ten years from a panel of 40 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable inflation forecast available for Canadian inflation.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Canadian inflation projections.
Want to get access to the full dataset of Canadian inflation forecasts? Send an email to info@focus-economics.com.
Latest Global Inflation News
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France: Harmonized inflation rises in December -
Russia: Inflation shoots up in December Latest reading: Inflation jumped to 9.5% in December from November’s 8.9%, marking a near two-year high as sharp currency weakness... -
United States: Inflation comes in at highest level since July in December Latest reading: Inflation rose to 2.9% in December, following November’s 2.7%. December’s result marked the highest inflation rate since July... -
Argentina: Inflation drops to lowest level since July 2023 in December Inflation drops to lowest level since July 2023 in December Latest reading: Latest reading: Inflation dropped to 117.8% in December,... -
Brazil: Inflation falls in December Latest reading: Inflation edged down to 4.8% in December, following November’s 4.9%. The print was in line with market expectations,... -
France: Harmonized inflation rises in November Latest reading: Harmonized inflation inched up to 1.7% in November from October’s 1.6%, but remained notably below the Euro area... -
Russia: Inflation shoots up in November Latest reading: Inflation rose to 8.9% in November from October’s 8.5%, surprising markets on the upside. November’s figure moved further...