economyMonthly
What is Canada's inflation rate?
Prices rose 1.8% over the past year.
1.8%
Year-over-year CPI
Jan 2026
The Consumer Price Index (CPI) tracks changes in the price of a fixed basket of goods and services. The Bank of Canada targets 2% inflation. When CPI rises faster, your dollar buys less.
Inflation over time
After decades of stable 2% inflation, prices surged in 2022 reaching 8.1% in June — the highest since 1983. Aggressive Bank of Canada rate hikes brought inflation back near target.
Year-over-year CPI change, annual average (%)
Source: Statistics Canada, Table 18-10-0004-01
What's driving inflation?
Not all prices move equally. As of Jan 2026, shelter costs remain the largest contributor to inflation, followed by food prices.
CPI contribution by category, Jan 2026 (% change YoY)
Source: Statistics Canada, Table 18-10-0004-01