Einar H. Dyvik
Research expert covering Nordics and global data for society, economy, and politics
Inflation in Canada - statistics & facts
Inflation refers to a decline in the purchasing power of currency, and results in a general and sustained increase in prices. Loss in currency value has an impact on the entire national economy. A common measure of the rate of inflation, the Consumer Price Index (CPI) is an indicator of the change in consumer prices paid by Canadians. It is calculated by comparing the cost of a fixed basket of goods and services purchased by consumers over time. For example, if in one year that basket costs 100 Canadian dollars, and the next year the same basket costs 102 dollars, then the average annual inflation rate is two percent. By 2023, inflation had reached 3.9 percent in Canada.
