Canada’s annual inflation quickened to 7.7% in May of 2022, the highest since January 1983 and above market expectations of 7.4%. The main upward pressure came from transportation, food, and shelter as Western sanctions in response to Russian attacks on Ukraine continued to lift the prices of energy and commodities. Transportation costs surged 14.6% (11.2% in April), underpinned by a 48% rise in gasoline prices (36.3% in April). Meanwhile, food inflation remained the same at 8.8%, carried by a 9.7% increase in prices for groceries. Also, shelter prices grew at the same pace of 7.4%, as mortgages continued to rise. Excluding gasoline, the CPI rose at a fresh record high of 6.3%. On a monthly basis, consumer prices rose 1.4%, surpassing market estimates of a 1% increase, and picking up from a 0.6% increase in April. source: Statistics Canada

Inflation Rate in Canada averaged 3.12 percent from 1915 until 2022, 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 July of 2022.

Inflation Rate in Canada is expected to be 7.50 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 2023, according to our econometric models.

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Canada Inflation Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-05-18 12:30 PM Apr 6.8% 6.7% 6.7% 6.6%
2022-06-22 12:30 PM May 7.7% 6.8% 7.4% 7%
2022-07-20 12:30 PM Jun


Related Last Previous Unit Reference
Inflation Rate 7.70 6.80 percent May 2022
Inflation Rate Mom 1.40 0.60 percent May 2022
Consumer Price Index CPI 151.90 149.80 points May 2022
Core Inflation Rate 6.10 5.70 percent May 2022
Core Consumer Prices 147.30 146.10 points May 2022
GDP Deflator 126.00 122.40 points Mar 2022
Producer Prices 132.00 129.80 points May 2022
Producer Prices Change 15.00 16.40 percent May 2022
Export Prices 152.80 151.30 points Apr 2022
Import Prices 139.80 139.90 points Apr 2022
Food Inflation 8.80 8.80 percent May 2022
Wholesale Prices 165.00 160.90 points May 2022
CPI Transportation 172.20 166.30 points May 2022
CPI Housing Utilities 163.00 161.90 points May 2022

Canada Inflation Rate
In Canada, the most important categories in the CPI basket are Shelter (27.5 percent of the total weight) and Transportation (19.3 percent). Food accounts for 16.1 percent; Household Operations, Furnishings and Equipment for 11.8 percent; Recreation, Education and Reading for 11.8 percent; Clothing and Footwear for 5.7 percent; Health and Personal Care for 5 percent; Alcoholic Beverages and Tobacco Products for the remaining 3 percent. The CPI basket is reviewed every four years on the basis of household surveys. The current weights are based on spending patterns in 2009.
Actual Previous Highest Lowest Dates Unit Frequency
7.70 6.80 21.60 -17.80 1915 - 2022 percent Monthly
2002=100

News Stream
Canada Inflation Above Expectations at 39-Year High
Canada’s annual inflation quickened to 7.7% in May of 2022, the highest since January 1983 and above market expectations of 7.4%. The main upward pressure came from transportation, food, and shelter as Western sanctions in response to Russian attacks on Ukraine continued to lift prices of energy and commodities. Transportation costs surged 14.6% (11.2% in April), underpinned by a 48% rise in gasoline prices (36.3% in April). Meanwhile, food inflation remained the same at 8.8%, carried by a 9.7% increase in prices for groceries. Also, shelter prices grew at the same pace of 7.4%, as mortgages continued to rise. Excluding gasoline, the CPI rose at a fresh record high of 6.3%. On a monthly basis, consumer prices rose 1.4%, surpassing market estimates of a 1% increase, and picking up from a 0.6% increase in April.
2022-06-22
Canada Inflation Rate at 31-Year High
Canada’s annual inflation rate quickened to 6.8% in April of 2022, the highest since January of 1991 and slightly above market expectations of 6.7%, driven by food and shelter as the Russian invasion of Ukraine continued to pressure prices of energy and commodities. Food prices surged 8.8% (7.7% in March) amid higher costs for inputs such as fertilizers. Meanwhile, shelter costs increased by 7.4% (6.8% in March), driven by energy sources used to heat homes including fuel oil and other fuels (64.4% vs 61%) and natural gas (22.2% vs 18.7%). At the same time, inflation stagnated for transportation (at 11.2%), while prices decelerated for gasoline (36.3% vs 39.8%), as global crude oil prices eased. Excluding gasoline, the CPI rose at a fresh record pace of 5.8%. On a monthly basis, consumer prices rose 0.6%, marginally above forecasts of 0.5%, but easing from the 1.4% jump in March.
2022-05-18
Canada Inflation Rate Climbs to 31-Year High
Canada’s annual inflation rate quickened to 6.7% in March of 2022, the highest since January of 1991 and well above market expectations of 6.1%, against the backdrop of sustained housing prices, substantial supply constraints, and geopolitical conflict that lifted prices for energy and agricultural markets. Prices rose faster for all eight major components, notably for transportation (11.2% vs 8.7% in February), largely due to surging prices for gasoline (39.8% vs 32.3%). Significant pressure also came from shelter (6.8% vs 6.6%), due to homeowners’ replacement cost (12.9%) and rent (4.1%), and food (7.7% vs 6.7%), as the prices in grocery stores increased at the fastest rate in 13 years. Excluding gasoline, the CPI rose at a fresh record pace of 5.5%. On a monthly basis, consumer prices rose 1.4%, surpassing forecasts of a 1% increase.
2022-04-20