The inflation rate for consumer prices in Canada moved over the past 63 years between 0.2% and 12.5%. For 2023, an inflation rate of 3.9% was calculated.
During the observation period from 1960 to 2023, the average inflation rate was 3.8% per year. Overall, the price increase was 924.62%. An item that cost 100 dollars in 1960 costs 1,024.62 dollars at the beginning of 2024.
For July 2024, the year-over-year inflation rate was 2.53%.
This includes energy (+2.5%), food (+2.1%) and rental prices (+8.3%).
Performance over the last 63 years compared with the USA
In only a few countries the price increase is that high. The Consumer Price Index (CPI) of 12.5% in 1981 means, that compared to the previous year all prices increased by an average of 12.5%. In comparison to most other countries, the drastic price increases are no longer average. Usually this is a sign of political and economic turmoil.
Performance based on 100% in 1959:
Inflation calculator for Canada
Enter any amount, a start year and an end year here. You will then be shown the amount that resulted from the original amount after inflation.
100 dollars in 1960 will still be 100 dollars in 2024. The nominal value does not change. What does change, is the purchasing power. In other words, the amount of goods that can be bought with this money. As inflation increases, this amount decreases.
Example: The purchasing power of 100 dollars in 1960 corresponds to that of 1,024.62 dollars at the beginning of 2024. Conversely, in 1960 you could buy as much with 84.38 dollars as you can today with 1000 dollars.
Inflation rates for consumer goods in Canada
Energy and food
Historical inflation rates in comparison
| Year | Canada | Ø EU | Ø USA | Ø World |
|---|---|---|---|---|
| 2023 | 3.88 % | 6.30 % | 4.12 % | 5.80 % |
| 2022 | 6.80 % | 8.83 % | 8.00 % | 7.99 % |
| 2021 | 3.40 % | 2.55 % | 4.70 % | 3.45 % |
| 2020 | 0.72 % | 0.48 % | 1.23 % | 1.94 % |
| 2019 | 1.95 % | 1.63 % | 1.81 % | 2.21 % |
| 2018 | 2.27 % | 1.74 % | 2.44 % | 2.45 % |
| 2017 | 1.60 % | 1.43 % | 2.13 % | 2.25 % |
| 2016 | 1.43 % | 0.18 % | 1.26 % | 1.61 % |
| 2015 | 1.13 % | -0.06 % | 0.12 % | 1.44 % |
| 2014 | 1.91 % | 0.20 % | 1.62 % | 2.35 % |
| 2013 | 0.94 % | 1.22 % | 1.46 % | 2.62 % |
| 2012 | 1.52 % | 2.66 % | 2.07 % | 3.73 % |
| 2011 | 2.91 % | 3.29 % | 3.16 % | 4.82 % |
| 2010 | 1.78 % | 1.53 % | 1.64 % | 3.35 % |
| 2009 | 0.30 % | 0.84 % | -0.36 % | 2.94 % |
| 2008 | 2.37 % | 4.16 % | 3.84 % | 8.95 % |
| 2007 | 2.14 % | 2.51 % | 2.85 % | 4.82 % |
| 2006 | 2.00 % | 2.67 % | 3.23 % | 4.28 % |
| 2005 | 2.21 % | 2.49 % | 3.39 % | 4.11 % |
| 2004 | 1.86 % | 2.29 % | 2.68 % | 3.38 % |
| 2003 | 2.76 % | 2.09 % | 2.27 % | 3.03 % |
| 2002 | 2.26 % | 2.42 % | 1.59 % | 2.83 % |
| 2001 | 2.53 % | 3.37 % | 2.83 % | 3.84 % |
| 2000 | 2.72 % | 3.15 % | 3.38 % | 3.49 % |
| 1999 | 1.73 % | 2.16 % | 2.19 % | 3.08 % |
| 1998 | 1.00 % | 2.42 % | 1.55 % | 5.11 % |
| 1997 | 1.62 % | 3.11 % | 2.34 % | 5.57 % |
| 1996 | 1.57 % | 3.56 % | 2.93 % | 6.55 % |
| 1995 | 2.15 % | 4.43 % | 2.81 % | 9.15 % |
| 1994 | 0.17 % | 4.72 % | 2.61 % | 10.32 % |
| 1993 | 1.87 % | 4.85 % | 2.95 % | 7.51 % |
| 1992 | 1.49 % | 6.22 % | 3.03 % | 7.71 % |
| 1991 | 5.63 % | 5.48 % | 4.23 % | 9.00 % |
| 1990 | 4.78 % | 6.15 % | 5.40 % | 8.13 % |
| 1989 | 4.98 % | 6.26 % | 4.83 % | 7.00 % |
| 1988 | 4.03 % | 4.54 % | 4.08 % | 7.15 % |
| 1987 | 4.36 % | 4.02 % | 3.66 % | 5.76 % |
| 1986 | 4.19 % | 3.68 % | 1.90 % | 5.82 % |
| 1985 | 3.96 % | 5.40 % | 3.55 % | 6.86 % |
| 1984 | 4.30 % | 7.67 % | 4.30 % | 8.12 % |
| 1983 | 5.86 % | 8.67 % | 3.21 % | 8.77 % |
| 1982 | 10.77 % | 9.58 % | 6.13 % | 10.24 % |
| 1981 | 12.47 % | 11.77 % | 10.33 % | 12.47 % |
| 1980 | 10.13 % | 12.91 % | 13.55 % | 13.98 % |
| 1979 | 9.14 % | 8.22 % | 11.25 % | n/a |
| 1978 | 8.97 % | 7.76 % | 7.63 % | n/a |
| 1977 | 7.98 % | 9.77 % | 6.50 % | n/a |
| 1976 | 7.54 % | 9.35 % | 5.74 % | n/a |
| 1975 | 10.67 % | 10.47 % | 9.14 % | n/a |
| 1974 | 11.00 % | 13.16 % | 11.05 % | n/a |
| 1973 | 7.49 % | 7.75 % | 6.18 % | n/a |
| 1972 | 4.99 % | 6.01 % | 3.27 % | n/a |
| 1971 | 2.70 % | 5.24 % | 4.29 % | n/a |
| 1970 | 3.35 % | 4.51 % | 5.84 % | n/a |
| 1969 | 4.56 % | 2.67 % | 5.46 % | n/a |
| 1968 | 4.06 % | 3.24 % | 4.27 % | n/a |
| 1967 | 3.58 % | 3.32 % | 2.77 % | n/a |
| 1966 | 3.82 % | 3.70 % | 3.02 % | n/a |
| 1965 | 2.33 % | 3.99 % | 1.59 % | n/a |
| 1964 | 1.91 % | 3.42 % | 1.28 % | n/a |
| 1963 | 1.63 % | 2.92 % | 1.24 % | n/a |
| 1962 | 1.06 % | 3.55 % | 1.20 % | n/a |
| 1961 | 1.02 % | 2.08 % | 1.07 % | n/a |
| 1960 | 1.36 % | 1.74 % | 1.46 % | n/a |
Data basis: International Monetary Fund, World Bank and OECD Inflation CPI indicator (doi:10.1787/eee82e6e-en)
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