The statistic shows the average inflation rate in Canada from 1987 to 2021, with projections up until 2027. The inflation rate is calculated using the price increase of a defined product basket. This product basket contains products and services, on which the average consumer spends money throughout the year. They include expenses for groceries, clothes, rent, power, telecommunications, recreational activities and raw materials (e.g. gas, oil), as well as federal fees and taxes. In 2021, the average inflation rate in Canada was approximately 3.4 percent compared to the previous year. For comparison, inflation in India amounted to 5.56 percent that same year.
Inflation in Canada
In general, the inflation rate in Canada follows a global trend of decreasing inflation rates since 2011, with the lowest slump expected to occur during 2015, but forecasts show an increase over the following few years. Additionally, Canada's inflation rate is in quite good shape compared to the rest of the world. While oil and gas prices have dropped in Canada much like they have around the world, food and housing prices in Canada have been increasing. This has helped to offset some of the impact of dropping oil and gas prices and the effect this has had on Canada´s inflation rate.
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IMF. (April 19, 2022). Canada: Inflation rate from 1987 to 2027 (compared to the previous year) [Graph]. In Statista. Retrieved August 17, 2022, from https://www.statista.com/statistics/271247/inflation-rate-in-canada/
IMF. "Canada: Inflation rate from 1987 to 2027 (compared to the previous year)." Chart. April 19, 2022. Statista. Accessed August 17, 2022. https://www.statista.com/statistics/271247/inflation-rate-in-canada/
IMF. (2022). Canada: Inflation rate from 1987 to 2027 (compared to the previous year). Statista. Statista Inc.. Accessed: August 17, 2022. https://www.statista.com/statistics/271247/inflation-rate-in-canada/
IMF. "Canada: Inflation Rate from 1987 to 2027 (Compared to The Previous Year)." Statista, Statista Inc., 19 Apr 2022, https://www.statista.com/statistics/271247/inflation-rate-in-canada/
IMF, Canada: Inflation rate from 1987 to 2027 (compared to the previous year) Statista, https://www.statista.com/statistics/271247/inflation-rate-in-canada/ (last visited August 17, 2022)