Monthly inflation rate and bank rate in Canada 2018-2024

Published by Statista Research Department, Jun 1, 2024

The inflation rate in Canada fluctuated significantly between January 2018 and April 2024, with an overall downward trend in 2023 and 2024. Between January 2018 and February 2020, the inflation rate varied between 1.4 percent and three percent. It then experienced a dive, with the lowest value at -0.4 percent in May 2020. After May 2020, the inflation rate increased drastically. It reached its peak at 8.1 percent in June 2022. After that, the inflation rate decreased gradually. In 2024, the inflation rate decreased, dropping to 2.7 percent in April.

Between January 2018 and February 2020, the bank rate was set between 1.25 percent and two percent. From April 2020 to February 2022, it stood at two percent. After that, the bank rate increased regularly, peaking in August 2023 at 5.25 percent.

Average inflation rate and bank rate in Canada from January 2018 to April 2024

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Release date

June 2024

Region

Canada

Survey time period

January 2018 to April 2024

Supplementary notes

This statistic was compiled by Statista with data gathered from different sources.

The inflation rate can be found here.

Bank rate can be found here. Adapted from Statistics Canada, January 2018 to April 2024. This does not constitute an endorsement by Statistics Canada of this product.

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