What is the inflation rate in Canada?

The inflation rate in Canada jumped to 6.7 per cent in March, hitting a 31-year high. Economists warn borrowers should expect further interest rate hikes as the Bank of Canada tries to cool rising inflation.

How does the bank of Canada control inflation?

Read how the Bank of Canada controls inflation and contributes to Canada’s economic and financial welfare. The Bank of Canada aims to keep inflation at the 2 per cent midpoint of an inflation-control target range of 1 to 3 per cent. The inflation target is expressed as the year-over-year increase in the total consumer price index (CPI).

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.

Is high inflation making life harder for Canadians?

High inflation is making life more difficult for Canadians, especially those with low or fixed incomes. Some of this inflation reflects global developments that we don’t control, but inflation in Canada increasingly reflects what’s happening in Canada.