The annual inflation rate in Canada surged to 3.4% in April of 2021 from 2.2% in March and higher than forecasts of 3.2%. It is the strongest reading since May of 2011, with a significant proportion of increase attributable to a steep decline in prices in April 2020 when the coronavirus pandemic hit demand and prices hard. Prices rose in every major component on a year-over-year basis. Transportation prices were up 9.4%, mainly because of a record 62.5% surge in gasoline prices and shelter cost continued to increase (3.2%). The homeowners' replacement cost index continued to trend upwards, increasing 9.1%, the most since April 1989 as higher building costs and demand for single-family homes contributed to a surge in the cost of newly built homes. Other upward pressure came from clothing and footwear (1.8%) while food inflation slowed (0.9%). On a monthly basis, consumer prices were up 0.5%, the same as in March. source: Statistics Canada
Inflation Rate in Canada averaged 3.10 percent from 1915 until 2021, 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 June of 2021.
Inflation Rate in Canada is expected to be 3.70 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Inflation Rate in Canada to stand at 2.10 in 12 months time. In the long-term, the Canada Inflation Rate is projected to trend around 1.50 percent in 2022, according to our econometric models.