Will Canadian inflation fall in 2024?

But as base year effects fade, that deceleration will be more obvious to Canadians who may only be familiar with the annual inflation rate. Looking ahead, the Bank of Canada is forecasting inflation will fall to about three per cent by mid-year and back down to two per cent in 2024.

What happened in Canada in June 2023?

The annual inflation rate in Canada fell to 2.8% in June of 2023, the lowest since March of 2021 from 3.4% in the previous month and below market expectations of 3%, as gasoline prices declined further. Transportation costs fell by 3.4%, extending the 2.4% decline in the previous month amid a 21.6% slide in the price of gasoline.

How do I calculate cumulative inflation rates in Canada?

To calculate cumulative rates between two different periods, you can use the Canada Inflation Calculator. The current inflation rate in Canada is 2.81%, which is calculated based on CPI (Consumer Price Index) values for the last 12 months ending in June 2023.

Will inflation return in 2022?

The return of inflation was one of the biggest stories of 2022. Canadian consumers were coping with price increases the likes of which they hadn’t seen since bell bottoms were all the rage. So it’s only natural for people to be nervous about what’s in store on the inflation front in 2023.