The annual inflation rate in Canada rose to 3.3% in July 2023 from 2.8% in the previous month and above market expectations of 3%. Energy prices fell less (-8.2% vs -14.6%) mainly due to gasoline (-12.9% vs -21.6% in June) due to a base-year effect. Also, electricity prices rose faster (11.7% vs 5.8%). The mortgage interest cost index (+30.6%) posted another record year-over-year gain and remained the largest contributor to headline inflation. On the other hand, prices slowed for groceries (8.5% vs 9.1%) due to fresh fruit and bakery products; and traveller accommodation (4.2% vs 12.9%), with prices for travel tours down by 1.2%. Also, cost fell further for natural gas (-15.7% vs -5.8%) and airfares (-12.7% vs -3.5%). On a monthly basis, the CPI rose 0.6% in July, following a 0.1% gain in June, largely a result of higher monthly prices for travel tours, with July being a peak travel month. source: Statistics Canada

Inflation Rate in Canada averaged 3.15 percent from 1915 until 2023, reaching an all time high of 21.60 percent in June of 1920 and a record low of -17.80 percent in June of 1921. This page provides - Canada Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Canada Inflation Rate - data, historical chart, forecasts and calendar of releases - was last updated on August of 2023.

Inflation Rate in Canada is expected to be 2.70 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Canada Inflation Rate is projected to trend around 2.30 percent in 2024 and 2.00 percent in 2025, according to our econometric models.

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Canada Inflation Rate



Calendar GMT Reference Actual Previous Consensus TEForecast
2023-07-18 12:30 PM Jun 2.8% 3.4% 3% 3.0%
2023-08-15 12:30 PM Jul 3.3% 2.8% 3% 3.1%
2023-09-19 12:30 PM Aug


Related Last Previous Unit Reference
Inflation Rate 3.30 2.80 percent Jul 2023
Inflation Rate MoM 0.60 0.10 percent Jul 2023
Consumer Price Index CPI 158.10 157.20 points Jul 2023
Core Inflation Rate 3.20 3.20 percent Jul 2023
Core Consumer Prices 153.20 152.50 points Jul 2023
GDP Deflator 127.70 127.40 points Mar 2023
Producer Prices 124.90 124.40 points Jul 2023
Producer Prices Change -2.70 -5.50 percent Jul 2023
Export Prices 138.40 140.20 points Jun 2023
Import Prices 147.40 149.90 points Jun 2023
Food Inflation 7.80 8.30 percent Jul 2023
Wholesale Prices 137.60 133.00 points Jul 2023
CPI Transportation 172.40 170.20 points Jul 2023
CPI Housing Utilities 172.60 171.40 points Jul 2023

Canada Inflation Rate
In Canada, the most important categories in the CPI basket are Shelter (30 percent of the total weight) and Transportation (17 percent). Food accounts for 16 percent; Household Operations, Furnishings and Equipment for 15 percent; Recreation, Education and Reading for 9 percent; Health and Personal Care for 5 percent; Alcoholic Beverages and Tobacco Products for 5 percent and Clothing and Footwear for the remaining 4 percent. The CPI basket is reviewed every four years on the basis of household surveys. The current weights are based on spending patterns in 2002.
Actual Previous Highest Lowest Dates Unit Frequency
3.30 2.80 21.60 -17.80 1915 - 2023 percent Monthly
2002=100

News Stream
Canada Inflation Rate Rises More than Expected
The annual inflation rate in Canada rose to 3.3% in July 2023 from 2.8% in the previous month and above market expectations of 3%. Energy prices fell less (-8.2% vs -14.6%) mainly due to gasoline (-12.9% vs -21.6% in June) due to a base-year effect. Also, electricity prices rose faster (11.7% vs 5.8%). The mortgage interest cost index (+30.6%) posted another record year-over-year gain and remained the largest contributor to headline inflation. On the other hand, prices slowed for groceries (8.5% vs 9.1%) due to fresh fruit and bakery products; and traveller accommodation (4.2% vs 12.9%), with prices for travel tours down by 1.2%. Also, cost fell further for natural gas (-15.7% vs -5.8%) and airfares (-12.7% vs -3.5%). On a monthly basis, the CPI rose 0.6% in July, following a 0.1% gain in June, largely a result of higher monthly prices for travel tours, with July being a peak travel month.
2023-08-15
Canadian Inflation Falls More than Expected
The annual inflation rate in Canada fell to 2.8% in June of 2023, the lowest since March of 2021 from 3.4% in the previous month and below market expectations of 3%, as gasoline prices declined further. Transportation costs fell by 3.4%, extending the 2.4% decline in the previous month amid a 21.6% slide in the price of gasoline. On the other hand, food inflation remained steady at 8.3%, lifted by a 9.1% increase in the cost of groceries. Also, soaring interest rates from the BoC pinned the increase in mortgage interest costs (30.1%), lifted shelter inflation to 4.8%. The core trimmed-mean rate, which is closely watched by the BoC, fell less than expected to 3.7%. On a monthly basis, the headline CPI edged 0.1% higher.
2023-07-18
Canadian Inflation Slows to Near 2-Year Low
The annual inflation rate in Canada fell to 3.4% in May of 2023 from 4.4% in the previous month, the lowest since June 2021 and in line with market expectations, largely due to base year effects from the impact that Russia’s invasion of Ukraine had on international energy prices. The result was broadly in line with the BoC’s baseline scenario that inflation will slow to the 3% mark by summer, raising doubts over the extent of rate hikes left in its tightening campaign. The slowdown was largely attributed to a 2.4% decline in transportation prices (vs 1.3% increase in April), due to an 18.3% plunge in that of gasoline. Also, eased supply chain bottlenecks reduced inflation for durable goods (1% vs 2.2%). On the other hand, high interest by the BoC spurred the sharpest hike in mortgage interest costs in history (29.9% vs 28.5%). In the meantime, the core inflation rate slowed more than expected to 3.7%. On a monthly basis, the CPI edged 0.4% higher, following the 0.7% increase in April.
2023-06-27