Inflation in Canada
Canada - Inflation
Inflation stable at near nine-year high in November
Consumer prices increased a seasonally-adjusted 0.35% over the previous month in November, a weaker increase than October's 0.56% rise. Looking at the details of the release, prices for food and beverages, and transport increased at a softer rate in November relative to the previous month.
Inflation came in October’s 4.7% in November—the joint-highest inflation rate since February 2003. Annual average inflation rose to 3.1% in November (October: 2.7%). Finally, core inflation fell from 3.8% in October to 3.6%.
Commenting on the latest inflation reading, Royce Mendes, senior economist at CIBC World Markets, noted:
“The inflation numbers were more muted than we and the Bank of Canada had feared. As a result, there are even fewer reasons to rush a rate hike in January, when the economy could be dealing with another harsh wave of Covid.”
FocusEconomics Consensus Forecast analysts, see inflation averaging 3.3% in 2022, which is up 0.1 percentage points from the previous month’s forecast. For 2023, our panelists see inflation averaging 3.1%.
Canada - Inflation Data
| 2015 | 2016 | 2017 | 2018 | 2019 | |
|---|---|---|---|---|---|
| Inflation Rate (CPI, annual variation in %) | 1.1 | 1.4 | 1.6 | 2.3 | 1.9 |
Canada Inflation Chart
Source: Statistics Canada.
Canada Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 1.70 | 1.00 % | Dec 31 |
| Exchange Rate | 1.30 | 0.15 % | Jan 01 |
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Economic News
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Canada: Manufacturing PMI ticks down in December
January 4, 2022
In December, the IHS Markit Manufacturing Purchasing Managers’ Index (PMI) dipped to 56.5 from November’s 57.2.
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Canada: GDP gains steam in October; preliminary estimate points to weaker growth in November
December 23, 2021
The economy expanded 0.8% on a month-on-month seasonally-adjusted basis in October, after growing 0.2% in September.
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Canada: House price growth picks up in November
December 17, 2021
According to the Teranet-National Bank Composite House Price Index, house prices increased 0.4% month-on-month on a non-seasonally-adjusted basis in November, after virtually flatlining in October.
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Canada: Housing starts surge to an eight-month in November
December 15, 2021
Housing starts jumped to 301,279 units on a seasonally-adjusted annualized rate (SAAR) basis in November according to the Canada Mortgage and Housing Corporation (CMHC), from October’s 238,366-unit reading.
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Canada: Inflation stable at near nine-year high in November
December 15, 2021
Consumer prices increased a seasonally-adjusted 0.35% over the previous month in November, a weaker increase than October's 0.56% rise.
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