When did inflation start in 2022?

Inflation began picking up in early 2021. By mid-2022, consumer inflation had accelerated to its fastest pace in four decades, peaking at 8.1% in June. The headline inflation rate eased in late 2022 as gasoline prices fell. However, key sources of inflationary pressure such as food and shelter show little signs of moderating.

How much did the consumer price index rise in 2022?

The Consumer Price Index ( CPI) rose 6.8% on an annual average basis in 2022, following gains of 3.4% in 2021 and of 0.7% in 2020. The increase in 2022 was a 40-year high, the largest increase since 1982 (+10.9%). Excluding energy, the annual average CPI rose 5.7% in 2022 compared with 2.4% in 2021.

Did Canada's inflation rise in December?

The annual pace of inflation climbed to a 30-year-high in December, well ahead of expectations presented to the prime minister in early 2021, according to documents obtained by Global News. Statistics Canada said Wednesday the consumer price index in December was up 4.8 per cent compared with a year ago, its highest point since 1991.

What is a Canadian inflation target?

The inflation target is expressed as the year-over-year increase in the total consumer price index (CPI). The CPI is the most relevant measure of the cost of living for most Canadians because it is made up of goods and services that Canadians typically buy, such as food, housing, transportation, furniture, clothing, recreation, and other items.