Inflation in Canada

Canada Inflation | Economic News & Forecasts

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  

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Canada Inflation Chart

Canada Inflation
Note: Annual variation of consumer price index (CPI) in %.
Source: Statistics Canada.

Canada Facts

Value Change Date
Bond Yield1.701.00 %Dec 31
Exchange Rate1.300.15 %Jan 01

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