Canada's annual inflation rate was at 6.9% in October of 2022, remaining unchanged from the prior month and in line with market expectations, as accelerated price growth for motor fuel and mortgages offset the slower inflation for food. Consumer costs rose at a faster pace for transportation (9.5% vs 8.7% in September), amid soaring gasoline prices (17.8% vs 13.2%), as output cut announcements by OPEC supported higher prices for crude oil. Inflation was also supported by shelter costs (6.9% vs 6.8%) as the continued interest rate hikes by the Bank of Canada lifted mortgage costs by 11.4% annually, the highest since February 1991. On the other hand, price growth eased for food (10.1% vs 10.3%), due to slowed grocery costs. The core inflation rate slowed to 5.8% from 6% in the previous period. On a monthly basis, consumer prices rose by 0.7%, picking up from 0.1% in September. source: Statistics Canada
Inflation Rate in Canada averaged 3.14 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 November of 2022.
Inflation Rate in Canada is expected to be 6.40 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 2.50 percent in 2023 and 2.00 percent in 2024, according to our econometric models.