Canada Inflation Rate

Last Release

Feb 29, 2024

Actual

2.8

Units In

2.9

Frequency

Monthly

Next Release

Apr 16, 2024

Time to Release

27 Days 4 Hours

Highest	Lowest	Average	Date Range	Source
21.6 Jun 1920	-17.8 Jun 1921	3.15 %	1915-2024	Statistics Canada

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.

Latest Updates

The annual inflation rate in Canada slowed further to 2.8% in February 2024 from 2.9% in January 2024 and marking the lowest reading since June 2023. The result also contrasted with market expectations of 3.1%, adding more leeway for the BoC to start monetary loosening in the second half of the year. The cost dropped considerably for cellular services (-26.5%) and Internet access services (-13.2%). Meanwhile, inflation cooled for food (3.3% vs 3.9% in the prior month) thanks to eased grocery prices. On the other hand, prices rebounded for gasoline (0.8% vs -4%) amid elevated global crude oil cost due to expected extension of production cuts. Furthermore, rising bond yields lifted mortgage rates and shelter prices (6.5% vs 6.2%). Monthly, the CPI edged up by 0.3% in February, following zero change in the previous period.