Canada Inflation Rate

Last Release

Jan 31, 2025

Actual

1.9

Units In

1.8

Frequency

Monthly

Next Release

Mar 18, 2025

Time to Release

26 Days 13 Hours

Highest	Lowest	Average	Date Range	Source
21.6 Jun 1920	-17.8 Jun 1921	3.14 %	1915-2025	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 inched higher to 1.9% in January of 2025 from 1.8% in the previous month, in line with market expectations. With the result, inflation remained at or below the Bank of Canada’s midpoint target of 2% for the sixth consecutive month, backing expectations that the central bank is likely to continue its loosening cycle. Inflation rose sharply for transportation (3.4% vs 2.3% in December 2024) as higher prices for oil and natural gas drove consumer gasoline costs to surge by 8.6% (vs 3.5%). Also, prices rose for passenger vehicles (0.4%) for their first annual increase in eight months. On the other hand, inflation remained unchanged for shelter (at 4.5%) and prices fell for food (-0.6% vs 0.6%) due to tax cuts on the sector. In the meantime, BoC core measures of the median and trimmed-mean rates were both at 2.7%, above their expectations. From the previous month, Canadian consumer prices edged higher by 0.1%.