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Canada Inflation Rate (CPI/HICP)
Canada's headline Consumer Price Index (CPI) measures the monthly change in the price level of a representative basket of consumer goods and services. It is the primary inflation measure monitored by the Bank of Canada.
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Why Inflation Rate (CPI/HICP) matters for CAD
Central banks, including the Bank of Canada, set policy rates in response to inflation. An above-target CPI print increases the probability of a rate hike, which is typically cad-positive, while below-target inflation raises rate-cut odds and can weaken the currency.
How to interpret this series
An inflation reading above consensus or above the Bank of Canada's target band is hawkish and supports the cad. A downside surprise is dovish and tends to weigh on the currency, particularly when inflation has been trending lower for several months.
Historical Inflation Rate (CPI/HICP)
Source: Statistics Canada. Cadence: Monthly. Unit: %YoY. History from 2025-05-31 (1.1 years).
Recent announcements
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Building Permits
Number of new residential construction permits authorized, a leading indicator of future housing activity and economic growth.
Business Confidence
Survey-based measure of business executives' outlook on economic conditions, production, and investment plans.
Consumer Confidence
Survey-based measure of consumers' confidence in economic conditions, employment prospects, and personal finances.
Core Inflation
CPI excluding volatile items like food and energy.
Current Account Balance
Measures trade in goods and services and income flows.
Gross Domestic Product (GDP) Growth
GDP growth: the quarterly change in the inflation-adjusted value of all goods and services produced in the economy.
Housing Starts
Number of new residential construction projects that have begun in a given period, a key indicator of economic activity and construction sector health.
Inflation MoM
Month-over-month change in the consumer price index, measuring short-term inflationary momentum.
Producer Price Index (PPI)
Measures the average change over time in the selling prices received by domestic producers for their output.
Retail Sales
Measures change in the total value of sales at the retail level.
Common questions
Editorial context for readers and AI agents using this page as a cited country indicator source.
What is the Bank of Canada's inflation target?
Most major central banks target annual inflation near 2%. Check the Bank of Canada's current monetary policy statement for the official target.
How is headline CPI different from core CPI?
Headline CPI includes all items, notably food and energy, which are volatile. Core CPI strips these out to give a cleaner read of underlying price pressure.
Which currency endpoint serves Canada CPI data?
Historical CPI data for Canada is available at /api/v1/announcements/cad/inflation.