The headline inflation rate in Canada rose to 3.2% in May of 2026 from 2.8% in the previous month, ahead of market expectations of 3% and the 2.8% rate from the previous month to mark the fastest inflation rate since December 2023. The increase was largely due to a surge in gasoline inflation (33.2% vs 22.8% in April) as the war in the Middle East suspended energy exports from the key region, lifting broader energy costs in Canada by 9% (vs 7.6%). Meanwhile, food inflation picked up to 3.8% from 3.5% amid a 5.3% jump for fresh fruit and 9% increase for vegetables, aligned with higher prices for fertilizers. Still, underlying inflation rates tracked by the BoC remained steady, with the trimmed-mean core rate at 2% and median core rate at 2.1%. Inflation edged lower for shelter (1.7% vs 1.8%) and health and personal care (2.7% vs 3.3%), and prices dropped for household operations (-0.2% vs 0.4%). The Canadian CPI rose 1% from the previous month. source: Statistics Canada

Inflation Rate in Canada increased to 3.20 percent in May from 2.80 percent in April of 2026. Inflation Rate in Canada averaged 3.13 percent from 1915 until 2026, reaching an all time high of 21.60 percent in June of 1920 and a record low of -17.80 percent in June of 1921. This page provides - Canada Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Canada Inflation Rate - data, historical chart, forecasts and calendar of releases - was last updated on July of 2026.

Inflation Rate in Canada increased to 3.20 percent in May from 2.80 percent in April of 2026. Inflation Rate in Canada is expected to be 2.90 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Canada Inflation Rate is projected to trend around 2.20 percent in 2027 and 2.30 percent in 2028, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2026-05-19 12:30 PM
Inflation Rate YoY
Apr 2.8% 2.4% 3.1% 3.0%
2026-06-22 12:30 PM
Inflation Rate YoY
May 3.2% 2.8% 3% 2.9%
2026-07-20 12:30 PM
Inflation Rate YoY
Jun 3.2% 3%



Components Last Previous Unit Reference
Food Inflation 3.80 3.50 percent May 2026
Rent Inflation 3.50 3.60 percent May 2026
Services Inflation 2.00 1.70 percent May 2026

Related Last Previous Unit Reference
Consumer Price Index CPI 169.60 168.00 points May 2026
Core Consumer Prices 162.90 161.90 points May 2026
Core Inflation Rate YoY 2.20 2.10 percent May 2026
CPI Health and Personal Care 158.50 157.90 points May 2026
CPI Housing Utilities 190.10 190.20 points May 2026
CPI Recreation, Education and Reading 134.30 129.70 points May 2026
CPI Transportation 187.10 183.50 points May 2026
Export Prices 151.50 148.60 points Apr 2026
GDP Implicit Price 132.80 131.30 points Mar 2026
Goods Inflation 4.80 4.40 points May 2026
Import Prices 143.80 140.00 points Apr 2026
Inflation Rate YoY 3.20 2.80 percent May 2026
Inflation Rate MoM 1.00 0.40 percent May 2026
Producer Prices 146.60 144.90 points May 2026
PPI YoY 13.60 11.10 percent May 2026
Raw Materials Prices MoM 184.90 183.70 points May 2026


Canada Inflation Rate
In Canada, the most important categories in the CPI basket are Shelter (30 percent of the total weight) and Transportation (17 percent). Food accounts for 16 percent; Household Operations, Furnishings and Equipment for 15 percent; Recreation, Education and Reading for 9 percent; Health and Personal Care for 5 percent; Alcoholic Beverages and Tobacco Products for 5 percent and Clothing and Footwear for the remaining 4 percent. The CPI basket is reviewed every four years on the basis of household surveys. The current weights are based on spending patterns in 2002.
Actual Previous Highest Lowest Dates Unit Frequency
3.20 2.80 21.60 -17.80 1915 - 2026 percent Monthly
2002=100

News Stream
Canada Inflation Rises to Over 2-Year High
The headline inflation rate in Canada rose to 3.2% in May of 2026 from 2.8% in the previous month, ahead of market expectations of 3% and the 2.8% rate from the previous month to mark the fastest inflation rate since December 2023. The increase was largely due to a surge in gasoline inflation (33.2% vs 22.8% in April) as the war in the Middle East suspended energy exports from the key region, lifting broader energy costs in Canada by 9% (vs 7.6%). Meanwhile, food inflation picked up to 3.8% from 3.5% amid a 5.3% jump for fresh fruit and 9% increase for vegetables, aligned with higher prices for fertilizers. Still, underlying inflation rates tracked by the BoC remained steady, with the trimmed-mean core rate at 2% and median core rate at 2.1%. Inflation edged lower for shelter (1.7% vs 1.8%) and health and personal care (2.7% vs 3.3%), and prices dropped for household operations (-0.2% vs 0.4%). The Canadian CPI rose 1% from the previous month.
2026-06-22
Canada Inflation Rate Undershoots Expectations
The headline inflation rate in Canada rose to 2.8% in April of 2026 from 2.4% in the previous month, the highest in two years, albeit firmly under the market consensus of 3.1%. The increase extended the jump from the previous month as the disruption of energy supply from the Middle East, due to the war in the region, raised prices of fuel and power. Transportation inflation surged to 7.6% from 3.7% in March amid 19.2% surge in energy prices (vs 3.9% in March). In turn, prices for core sectors of the economy grew at a more moderate pace, aligned with the Bank of Canada's note that it did not see higher energy prices spread into inflation expectations so far. The trimmed-mean and median core inflation rates followed by the BoC fell to 2% and 2.1%, respectively, below market expectations to their lowest in five years. Food inflation eased to 3.5% from 4%, and shelter inflation inched marginally higher to 1.8% vs 1.7%.
2026-05-19
Canada Inflation Surges in March
The headline inflation rate in Canada surged to 2.4% in March of 2026 from 1.8% in the previous month, tying for the highest in one year but marginally below market expectations of 2.5%. The surge reflected the initial impact of war in the Middle East in Canadian consumer prices, as the disruption of tankers from the Persian Gulf triggered energy shortages worldwide. The consumer energy inflation swung to 3.9% from the deflation rate of 9.3% in the previous month, enough to raise transportation inflation to 3.7% (vs -0.8% in February). In turn, prices accelerated for shelter (1.7% vs 1.5%) and recreation and education (2.6% vs 0.5%). Meanwhile, base effects from the re-introduction of GST/HST taxes continued to impact food inflation, which fell to 4% from the 5.4% in February. The CPI rose 0.9% from the previous month amid a 21.2% surge in gasoline costs.
2026-04-20