Inflation fell to 0.4% in August, below July’s 0.8%. August’s figure represented the lowest inflation rate since April. Looking at...
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 2014 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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Thailand: Inflation drops to lowest level since April in August -
Indonesia: Inflation stabilizes in August Inflation remained at 2.1% in August, unchanged from July’s figure. August’s result marked the joint-lowest inflation rate since February 2022.... -
Peru: Inflation drops to lowest level since May in August Inflation inched down to 2.0% in August, following July’s 2.1%. August’s figure marked the weakest inflation rate since May, and... -
Kazakhstan: Inflation drops in August Inflation ticked down to 8.4% in August from July’s 8.5%, though remaining entrenched above the Central Bank’s 5.0% medium-term target.... -
Korea: Inflation falls to lowest level since March 2021 in August Inflation fell to 2.0% in August, following July’s 2.6%. August’s reading represented the weakest inflation rate since March 2021, and... -
Kenya: Inflation increases in August Inflation ticked up to 4.4% in August from July’s 4.3%. Looking at the details of the release, faster price pressures... -
Euro Area: Inflation declines in August Harmonized inflation fell to 2.2% in August from July’s 2.6%. August’s figure represented the smallest increase since July 2021 and...