Monthly inflation rate and bank rate in Canada 2018-2023
The inflation rate in Canada fluctuated significantly between January 2018 and November 2023, with a downward trend in 2023. Between January 2018 and February 2020, the inflation rate varied between 1.4 percent and three percent. It then experienced a dive, with the lowest value at -0.4 percent in May 2020. After May 2020, the inflation rate increased drastically. It reached its peak at 8.1 percent in June 2022. After that, the inflation rate decreased gradually. In 2023, the inflation rate decreased, dropping to 3.1 percent in October.
Between January 2018 and February 2020, the bank rate was set between 1.25 percent and two percent. From April 2020 to February 2022, the bank rate stood at two percent. After that, the bank rate increased regularly, peaking in August 2023 at 5.25 percent.
Between January 2018 and February 2020, the bank rate was set between 1.25 percent and two percent. From April 2020 to February 2022, the bank rate stood at two percent. After that, the bank rate increased regularly, peaking in August 2023 at 5.25 percent.
