What is the average inflation rate in 2022?

The average inflation rate in 2020 was 0.7 per cent, it was 3.4 per cent in 2021 and it's forecasted to be around 5.3 per cent for all of 2022. “It means that we’ll have two years of inflation that will be significantly higher than the two per cent long term target of the Bank of Canada,” explains Brassard.

Does Canada have a flexible inflation-targeting framework for 2022 to 2026?

In 2021, we renewed Canada’s flexible inflation-targeting framework for 2022 to 2026. Browse Bank of Canada articles, research papers and publications on inflation. QE is a tool that encourages spending and investment—helping us to achieve our inflation target by stabilizing the economy.

Why did Canada's inflation rate go up last month?

(Adrienne Surprenant/Bloomberg) Canada's inflation rate rose to 8.1 per cent last month, Statistics Canada says, the fastest annual increase in the cost of living in decades. The data agency said gasoline was the biggest single contributor to the overall rate going up, as pump prices were up by 54.6 per cent compared to the same month a year ago.

How did prices change in 2022?

Price increases were broad-based in 2022, with prices up on an annual average basis in all eight major components. Canadians felt the impact of inflation, as prices for day-to-day basics such as transportation (+10.6%), food (+8.9%) and shelter (+6.9%) rose the most. Both goods and services prices rose at a faster pace compared with a year earlier.