Canada Inflation Rate

Last Release

Oct 31, 2024

Actual

Units In

1.6

Frequency

Monthly

Next Release

Dec 17, 2024

Time to Release

26 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 rose to 2% in October of 2024 from an over-three-year low of 1.6% in the previous month, overshooting market expectations of 1.9%. Despite the sharper-than-expected increase, the headline inflation rate remained within the Bank of Canada’s target for the third consecutive month. The increase was largely driven by waning base effects for gasoline prices. Gasoline prices fell by 4% annually from the 10.7% drop in September, driving transportation costs to swing to inflation (0.2% vs -1.5% in September). In turn, inflation slowed for shelter (4.8% vs 5%) and food (3% vs 2.8%).