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 June 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.