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.