The annual inflation rate in Canada rose to 2.9% in March of 2024 from the eight-month low of 2.8% in February, roughly in line with the Bank of Canada’s forecast of 3% in the first half of 2024. A sharp rise in gasoline prices (4.5% vs 0.8% in February) pushed transportation inflation to 3% (vs 2.2%). Looking further, prolonged period of restrictive interest rates by the Bank of Canada, in addition to increasing Treasury yields in the US, lifted mortgage interest costs by 25.4% annually. As a result, average rents grew faster (8.5% vs 8.2%), keeping rents inflation at 6.5%. On the other hand, food inflation slowed (3% vs 3.3%), while deflation moderated for clothing and footwear (-2.7% vs -4.2%). Meanwhile, the BoC-watched trimmed mean (3.1% vs 3.2%) and median (2.8% vs 3.1%) core rates slowed more than expected. source: Statistics Canada

Inflation Rate in Canada increased to 2.90 percent in March from 2.80 percent in February of 2024. Inflation Rate in Canada averaged 3.15 percent from 1915 until 2024, 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 April of 2024.

Inflation Rate in Canada increased to 2.90 percent in March from 2.80 percent in February of 2024. Inflation Rate in Canada is expected to be 2.50 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 2.00 percent in 2025, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2024-03-19 12:30 PM
Inflation Rate YoY
Feb 2.8% 2.9% 3.1% 3%
2024-04-16 12:30 PM
Inflation Rate YoY
Mar 2.9% 2.8% 2.7%
2024-05-21 12:30 PM
Inflation Rate YoY
Apr 2.9%

Components Last Previous Unit Reference
Food Inflation 3.00 3.30 percent Mar 2024
Rent Inflation 8.50 8.16 percent Mar 2024
Services Inflation 4.50 4.20 percent Mar 2024

Related Last Previous Unit Reference
Consumer Price Index CPI 159.80 158.80 points Mar 2024
Core Consumer Prices 154.30 153.50 points Mar 2024
Core Inflation Rate YoY 2.00 2.10 percent Mar 2024
CPI Housing Utilities 179.90 179.20 points Mar 2024
CPI Transportation 171.00 168.50 points Mar 2024
Export Prices 132.70 134.20 points Feb 2024
GDP Implicit Price 125.40 123.70 points Dec 2023
Import Prices 130.70 129.10 points Feb 2024
Inflation Rate YoY 2.90 2.80 percent Mar 2024
Inflation Rate MoM 0.60 0.30 percent Mar 2024
Producer Prices 125.60 124.60 points Mar 2024
PPI YoY -0.50 -1.40 percent Mar 2024
Raw Materials Prices MoM 140.70 134.40 points Mar 2024

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
2.90 2.80 21.60 -17.80 1915 - 2024 percent Monthly
2002=100

News Stream
Canada Inflation Rate Edges Higher
The annual inflation rate in Canada rose to 2.9% in March of 2024 from the eight-month low of 2.8% in February, roughly in line with the Bank of Canada’s forecast of 3% in the first half of 2024. A sharp rise in gasoline prices (4.5% vs 0.8% in February) pushed transportation inflation to 3% (vs 2.2%). Looking further, prolonged period of restrictive interest rates by the Bank of Canada, in addition to increasing Treasury yields in the US, lifted mortgage interest costs by 25.4% annually. As a result, average rents grew faster (8.5% vs 8.2%), keeping rents inflation at 6.5%. On the other hand, food inflation slowed (3% vs 3.3%), while deflation moderated for clothing and footwear (-2.7% vs -4.2%). Meanwhile, the BoC-watched trimmed mean (3.1% vs 3.2%) and median (2.8% vs 3.1%) core rates slowed more than expected.
2024-04-16
Canada Inflation Unexpectedly Slows in February
The annual inflation rate in Canada slowed further to 2.8% in February 2024 from 2.9% in January 2024 and marking the lowest reading since June 2023. The result also contrasted with market expectations of 3.1%, adding more leeway for the BoC to start monetary loosening in the second half of the year. The cost dropped considerably for cellular services (-26.5%) and Internet access services (-13.2%). Meanwhile, inflation cooled for food (3.3% vs 3.9% in the prior month) thanks to eased grocery prices. On the other hand, prices rebounded for gasoline (0.8% vs -4%) amid elevated global crude oil cost due to expected extension of production cuts. Furthermore, rising bond yields lifted mortgage rates and shelter prices (6.5% vs 6.2%). Monthly, the CPI edged up by 0.3% in February, following zero change in the previous period.
2024-03-19
Canada Inflation Falls More than Expected
The annual inflation rate in Canada fell to 2.9% in January of 2024, the lowest since June, from 3.4% in the previous month, and well below market expectations of 3.3%. The result marked a sharp reversal from the hot reading in December, revamping hopes of disinflation in the Canadian economy and strengthening the case for more accommodation from the BoC as it attends to increasing growth concerns. Inflation slowed considerably for transportation (1.2% vs 3.2% in December) amid a 4% decline in the cost of gasoline, largely due to base year effects from refinery closures in the US, which also aided in lower air travel prices. Inflation also slowed for food (3.9% vs 5%) amid eased prices in grocery stores. On the other hand, rising bond yields lifted mortgage rates and drove shelter prices to accelerate (6.2% vs 6%). From the previous month, consumer prices were unchanged and held a 0.3% decrease from December 2023.
2024-02-20