Canada Inflation Rate 2024. Canadian consumers were confronted with higher prices in 2021, including for everyday necessities, such as food (+2.5%), transportation (+7.2%) and shelter (+3.9%). The annual inflation rate in canada fell to 2.5% in july of 2024 from 2.7% in the previous month, matching market expectations, to mark the softest increase in consumer prices since march of 2021.
Monetary policy is working to reduce price pressures in the canadian economy. The bank of canada’s next interest rate announcement is scheduled for oct.