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Canada Inflation Rate

Last Release
Jun 30, 2024
Actual
2.7
Units In
%
Previous
2.9
Frequency
Monthly
Next Release
Aug 20, 2024
Time to Release
1 Months 3 Days 2 Hours
Highest
Lowest
Average
Date Range
Source
21.6
Jun 1920
-17.8
Jun 1921
3.15 %1915-2024Statistics 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 eased to 2.7% in June of 2024 from 2.9% in the earlier month, surprising market expectations that it would remain at the 2.9% mark, equaling the three-year low from April to resume the disinflation trend in Canadian consumer prices. The result was broadly in line with the BoC’s forecasts that CPI inflation would remain near the 3% mark in the first half of the year. Inflation fell considerably for transportation (2% vs 3.5% in May) amid a sharp slowdown in the cost of gasoline (0.4% vs 5.6%), coinciding with OPEC’s decision to gradually phase out production cuts. While remaining elevated, inflation also dropped for shelter (6.4% vs 6.2%) as rate cuts by the BoC and lower bond yields ease mortgage rates and rental market competition. Still, prices accelerated for food (2.8% vs 2.4%), amid more expensive grocery prices. The large share of gasoline prices in disinflation drove the trimmed mean core inflation rate to remain unchanged at 2.9%.

Canada Inflation Rate History

Last 12 readings

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