Canada’s annual inflation rate quickened to 3.6 percent in May of 2021 from 3.4 percent in April and was above market expectations of a 3.5 percent rise. It was the highest jump in consumer prices since May of 2011, with a significant proportion of increase attributable to low base year effects in some consumer goods, namely in gasoline. Thus, strong inflationary pressure was seen in transportation costs (+7.6 percent), on account of a 43.4 percent surge in gasoline prices. Additionally, prices climbed at the fastest pace since September of 2008 for shelters (+4.2 percent). The homeowners' replacement cost index resumed its trend upwards, jumping 11.3 percent, the most since 1987, as prices for new homes continued to be influenced by shifting consumer preferences and higher construction costs. On a monthly basis, consumer prices went up by 0.5 percent, the same as in the past three months and slightly above forecasts of a 0.4 percent rise. 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 July 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.

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Canada Inflation Rate

Actual Previous Highest Lowest Dates Unit Frequency
3.60 3.40 21.60 -17.80 1915 - 2021 percent Monthly
2002=100


Calendar GMT Actual Previous Consensus TEForecast
2021-03-17 12:30 PM Feb 1.1% 1% 1.3% 1.1%
2021-04-21 12:30 PM Mar 2.2% 1.1% 2.3% 2.1%
2021-05-19 12:30 PM Apr 3.4% 2.2% 3.2% 3.2%
2021-06-16 12:30 PM May 3.6% 3.4% 3.5% 3.6%
2021-07-28 12:30 PM Jun 3.6%
2021-08-18 12:30 PM Jul
2021-09-15 12:30 PM Aug
2021-10-20 12:30 PM Sep


News Stream
Canada Inflation Rate at 10-Year High
Canada’s annual inflation rate quickened to 3.6 percent in May of 2021 from 3.4 percent in April and was above market expectations of a 3.5 percent rise. It was the highest jump in consumer prices since May of 2011, with a significant proportion of increase attributable to low base year effects in some consumer goods, namely in gasoline. Thus, strong inflationary pressure was seen in transportation costs (+7.6 percent), on account of a 43.4 percent surge in gasoline prices. Additionally, prices climbed at the fastest pace since September of 2008 for shelters (+4.2 percent). The homeowners' replacement cost index resumed its trend upwards, jumping 11.3 percent, the most since 1987, as prices for new homes continued to be influenced by shifting consumer preferences and higher construction costs. On a monthly basis, consumer prices went up by 0.5 percent, the same as in the past three months and slightly above forecasts of a 0.4 percent rise.
2021-06-16
Canada Inflation Rate Highest in 10 Years
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.
2021-05-19
Canada Inflation Rate at Over 1-Year High
The annual inflation rate in Canada rose to 2.2% in March of 2021 from 1.1% in February and slightly below market expectations of 2.3%. Still, it was the highest inflation rate since February of 2020, mainly attributable to a base-year effect caused by last year's very low index level amid the Covid-19 pandemic. Meantime, prices advanced faster primarily for transportation (7.1% vs 2.2% in February), of which gasoline (35.3% vs 5%), due to a base-year effect alongside growing global oil demand, as well as the continuation of production cuts by the OPEC. Upward pressure came also from costs of shelter (2.4% vs 1.4%), linked to higher homeowners' replacement costs. Excluding energy, inflation was 1.1%, slightly up from 1% in February. On a monthly basis, consumer prices increased 0.5%, the same pace as in the prior month and slightly below market consensus of a 0.6% rise.
2021-04-21
Canada February Inflation Rate Below Forecasts
The annual inflation rate in Canada rose to 1.1% in February of 2021 from 1% in January and below market expectations of 1.3%. Still, it is the steepest inflation rate in a year mainly due to higher gasoline prices (5%), which posted the first increase since February of 2020. Additional upward pressure came from costs of food (1.8%), of which food purchased from restaurants (2.9%) and food purchased from stores (1.3%); shelter (1.4%) and health and personal care (1.3%). Excluding gasoline, inflation was 1.0%, down from 1.3% in January. On a monthly basis, consumer prices were up 0.5%, following a 0.6% increase in the prior month and missing market expectations of 0.7%.
2021-03-17

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.