Perceived inflation rate by income in Canada 2014-2022

In 2022, the world was hit with a significant spike in inflation. That said, perceptions about the current wave of inflation differed somewhat, depending on income. When asked about it in the fourth quarter of 2022, Canadian consumers earning less than 40,000 Canadian dollars a year, estimated the rate of inflation at roughly 8.3 percent. Those earning over 100,000 Canadian dollars annually believed the average inflation rate to have been about 7.9 percent.

Perceived inflation rate among consumers in Canada from the fourth quarter of 2014 to the fourth quarter of 2022, by income

Characteristic	under 40,000 CAD	Between 40,000 and 100,000 CAD	Over 100,000 CAD
Q4 2022	8.27%	7.92%	7.88%
Q3 2022	8%	7.94%	7.96%
Q2 2022	6.52%	6.03%	6.13%
Q1 2022	5.08%	4.98%	5.11%
Q4 2021	4.36%	4.45%	4.07%
Q3 2021	3.94%	3.01%	2.95%
Q2 2021	3.15%	2.55%	2.04%
Q1 2021	2.31%	2.02%	1.95%
Q4 2020	2.77%	2.08%	1.97%
Q3 2020	2.17%	2.07%	1.97%
Q2 2020	2.07%	2.06%	2%
Q1 2020	2.49%	2.1%	2.08%
Q4 2019	2.44%	2.07%	2.05%
Q3 2019	2.92%	2.01%	2.05%
Q2 2019	2.91%	2.08%	2.07%
Q1 2019	2.98%	2.24%	2.08%
Q4 2018	2.89%	2.1%	2.23%
Q3 2018	2.93%	2.44%	2.21%
Q2 2018	2.98%	2.64%	2.34%
Q1 2018	3.26%	2.38%	2.23%
Q4 2017	2.6%	2.1%	1.98%
Q3 2017	2.94%	2.02%	1.96%
Q2 2017	3.16%	2.1%	2%
Q1 2017	3.03%	2.07%	2.01%
Q4 2016	3.02%	2.05%	1.95%
Q3 2016	3.21%	2.04%	1.98%
Q2 2016	3.61%	2.04%	1.97%
Q1 2016	3.41%	2.07%	1.98%
Q4 2015	3.05%	2.02%	1.97%
Q3 2015	3.2%	2.07%	1.96%
Q2 2015	3.01%	2.05%	1.99%
Q1 2015	2.96%	2.04%	1.96%
Q4 2014	3.26%	2.48%	2.07%

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Release date

January 2023

More information

Region

Canada

Survey time period

Q4 2014 to Q4 2022**

Number of respondents

approximately 2,000*

Special properties

heads of households

Method of interview

Online panel

Supplementary notes

The source explains that the figures are median values.
Respondents were asked about current inflation rates, i.e., what they believed the rate of inflation (deflation) was over the past 12 months.

* The source adds that before the second quarter of 2018, the survey consisted of 1,000 respondents.

** The most recent survey was conducted between October 27 to November 17, 2022, with follow-up interviews taking place in November and December of that year. Adapted from Statistics Canada, bankofcanada.ca, Q4 2014 to Q4 2022**. This does not constitute an endorsement by Statistics Canada of this product.

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