Inflation in Canada

Canada Inflation | Economic News & Forecasts

Canada - Inflation

Inflation falls in July

Consumer prices increased 0.13% in July over the previous month, coming in below June's 0.66% rise. In July, much lower fuel prices partially offset higher prices for food, housing and recreation and culture.

Inflation fell from 8.1% in June to 7.6% in July. Finally, core inflation dipped from 6.2% in June to 6.1% in July. The figures will be welcome news for the Bank of Canada, but are unlikely to stop the Bank from pursuing aggressive rate hikes for the remainder of the year in a bid to bring inflation back to target.

FocusEconomics analysts project inflation to average 6.7% in 2022, which is up 0.5 percentage points from last month’s forecast. In 2023, our panel sees inflation averaging 3.2%.

Canada - Inflation Data

2015   2016   2017   2018   2019  
Inflation Rate (CPI, annual variation in %)1.1  1.4  1.6  2.3  1.9  

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Canada Inflation Chart

Canada Inflation
Note: Annual variation of consumer price index (CPI) in %.
Source: Statistics Canada.

Canada Facts

Value Change Date
Bond Yield1.701.00 %Dec 31
Exchange Rate1.300.15 %Jan 01

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