Canada Inflation Rate

Last Release

Nov 30, 2024

Actual

1.9

Units In

Frequency

Monthly

Next Release

Jan 21, 2025

Time to Release

1 Months 2 Days 13 Hours

Highest	Lowest	Average	Date Range	Source
21.6 Jun 1920	-17.8 Jun 1921	3.14 %	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 was at 1.9% in November of 2024, easing from the 2% in the previous month and undershooting market expectations of 2%. The result was in line with the Bank of Canada’s baseline scenario that CPI inflation is due to remain close to the 2% threshold for the foreseeable future. Still, the trimmed-mean core rate was unchanged at 2.7% instead of expectations that it would ease to 2.5%, limiting the magnitude of rate cuts that the monetary authority may deliver to aid economic growth. Gasoline prices fell to a lesser extent (-0.5% vs -4% in October) as base effects faded, driving transportation costs to accelerate (1.1% vs 0.2%). In turn, inflation decelerated for shelter (4.6% vs 4.8%) as softer price growth for mortgages offset higher inflation for rent. Inflation also eased for food (2.8% vs 3%) amid slowing inflation in grocery stores. From the previous month, the Canadian CPI was unchanged.