Inflation Calculator

This Page's Content Was Last Updated: June 22, 2024
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Average Annual Inflation Rate from 2000 to 2023:

Value of $100.00 in 2000 Over Time

Cumulative Price Change: 64.68%
Similarily, a $100.00 item in 2023 would have cost $60.73 in 2000
Best 5-Year Fixed Mortgage Rates in Canada CanadaLeaf
Mortgage Term:

About the Inflation Calculator

Statistics Canada’s Consumer Price Index (CPI) data is used in this inflation calculator to calculate Canada’s current and historical inflation rates. The Consumer Price Index is a measure of prices of goods and services over time. Changes in the CPI reflect the level of price inflation experienced over a certain period of time. In Canada, inflation is commonly reported as the 12-month percentage change in the CPI.

This inflation calculator lets you determine how inflation has affected the value of the Canadian Dollar, starting from as early as 1914 up to the present day. Since prices across Canada aren't the same, you can also customize the location to match your province. This allows you to get a more localized inflation rate for your area.

Current Inflation Data

Canada Annual Inflation Rate for each Month (1915-2024)


Source: Statistics Canada

Canada Inflation Rate - Annual Average CPI (1914 - 2024)

YearInflation Rate

Show All Available Years

Source: Statistics Canada

Canada’s Core Inflation Rate

Total CPI is most commonly used to calculate inflation, and the Bank of Canada inflation target of 2% is for the rise in all items CPI. Some components of the CPI may experience large price fluctuations for idiosyncratic reasons unrelated to the general changes to price levels throughout the economy. For this reason, the Bank of Canada uses measures of core inflation when deciding on monetary policy. The measures used by BoC are CPI-trim, CPI-median, and CPI-common. Core inflation measures filter out ad hoc fluctuations in the CPI components to allow policymakers to focus on trends instead of month-to-month variations. For example, CPI-trim removes 40% of the most extreme price variations in the CPI basket.

Source: Bank of Canada

From the latest May 2024 release of inflation data, the current core inflation rates for the month of April 2024 are:

CPI-Trim: 2.6%

CPI-Median: 2.6%

CPI-Common: 2.9%

Canada’s Consumer Price Index (CPI)

The Consumer Price Index (CPI) tracks changes in Canadian consumer prices. CPI data is released every month by Statistics Canada for the preceding month. It is an important metric because an increase in CPI leads to a decrease in the purchasing power of a dollar. Canada’s CPI is made up of 8 major components:

  • Food
  • Shelter
  • Household operations, furnishings and equipment
  • Clothing and footwear
  • Transportation
  • Health and personal care
  • Recreation, education and reading
  • Alcoholic beverages, tobacco products and recreational cannabis

The CPI basket is updated every year based on data collected in the Survey of Household Spending (SHS). This allows the CPI to reflect the spending patterns of Canadians. Between updates, monthly adjusted consumer expenditure basket weights are used to create an adjusted price index to reflect changes in basket weights since the latest update.

Shelter is the largest major component of Canada's CPI with a 28.6% weight. It is composed of three groups: rented accommodation (mainly rent with a weight of 6.9%), owned accommodation (including mortgage interest cost, 5.2%, Homeowners' replacement cost, 4.7%, and Other owned accommodation expenses, 2.6%), and water, fuel, and electricity. Changes in the cost of homeownership would be reflected in owned accommodation.

Since 2021, each year in May, Statistics Canada updates CPI basket weights based on the last available set of expenditure data. Before 2021, CPI basket weights were updated less frequently. The table below shows the weights of the most significant CPI Categories and sub-categories in percentage based on expenditure data from 2017-2023.

Major components, selected product groups20172020202120222023
Food purchased from stores11.2811.910.9310.6210.82
Food purchased from restaurants5.034.544.825.515.9
Mortgage interest cost3.33.683.113.465.2
Homeowners' replacement cost5.
Other owned accommodation expenses1.964.
Household operations, furnishings and equipment12.9815.2114.8414.5713.46
Clothing and footwear5.394.084.524.774.7
Private transportation17.714.6115.315.6115.08
Purchase of passenger vehicles7.66.115.915.555.43
Health and personal care4.864.764.744.925.18
Recreation, education and reading10.669.539.529.9810.42
Alcoholic beverages, tobacco products and recreational cannabis3.164.864.794.474.17
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CPI Basket Weights by Country (2020)

United States14.1%42.4%15.2%8.9%
United Kingdom8.8%29.6%12%2.2%

1: Estimated for 2020 by CEIC Data

2: Last updated in 2015 by India’s Ministry of Statistics & Programme Implementation

3: Monthly weights for December 2021 by the Government of Brazil

4: Last updated in 2018 by the Government of Mexico

Canada CPI Release Dates

Canadian CPI data is released by Statistics Canada every month. The table below shows the CPI data release schedule for 2023.

CPI Data Release Schedule for 2023

Release DateCPI Data for the Month Of
January 17, 2023December 2022
February 21, 2023January 2023
March 21, 2023February 2023
April 18, 2023March 2023
May 16, 2023April 2023
June 27, 2023May 2023
July 18, 2023June 2023
August 15, 2023July 2023
September 19, 2023August 2023
October 17, 2023September 2023
November 21, 2023October 2023
December 19, 2023November 2023
January 16, 2024December 2023
February 20, 2024January 2024
March 19, 2024February 2024

Source: Statistics Canada 2023 Release Dates

What is Inflation?

Inflation is when the purchasing power of the dollar goes down. This can be seen through rising prices. As prices rise, you will be able to purchase less and less goods and services for the same amount of money. A certain level of inflation is good for the economy. That’s why the Bank of Canada has an inflation target range of 1% to 3%. Deflation is when prices fall over a period of time. Both deflation and high inflation can be bad for the economy.

How Is Inflation Calculated in Canada?

In Canada, inflation is calculated through changes in the CPI. More specifically, the 12-month percentage change in the CPI is the annual inflation rate.

Calculating Inflation for a 12-Month Period

When comparing a 12-month period, the formula for calculating the inflation rate is:

For example, the CPI in February 2021 was 138.9. The CPI in February 2022 was 146.8. Using this inflation formula:

Inflation Rate = 5.69%

The inflation rate for February 2022 was 5.7%. This is calculated based on the 12-month change from February 2021’s CPI.

Calculating Inflation for Multiple Years

To find the average annual inflation rate over a period of multiple years, you will need to calculate the compound annual growth rate (CAGR). That’s because changes (inflation) in the CPI compounds over time.

The formula for calculating the average annual inflation rate for a period of multiple years is:

Average Annual Inflation Rate = ((End / Initial)1 / t - 1) x 100%


End = CPI in End Year

Initial = CPI in Initial Year

t = Number of Years

For example, the CPI in February 2022 was 146.8. The CPI in February 2012 was 121.2. Using this inflation formula:

Average Annual Inflation Rate = ((146.8 / 121.2)1 / 10 - 1) x 100%

Average Annual Inflation Rate = 1.94%

The average annual inflation rate in Canada between February 2012 and February 2022 was 1.94%.

Calculating The Historical Value of the Canadian Dollar

To calculate how much a dollar in a certain year would be worth today, you will need to use the CPI to find the cumulative price change since then. The steps to find the historical value of a dollar is:

  1. Get the CPI for the entered initial year
  2. Get the CPI for the entered end year
  3. Calculate the percentage change in CPI
  4. Apply that percentage change to the dollar amount

For example, let’s say that you want to find out how much $100 in February 2012 would be worth in February 2022. The CPI in February 2022 was 146.8, and the CPI in February 2012 was 121.2.

The percentage change in CPI would be:

= 21.12%

Applying that percentage increase to $100:

$100 + 21.12% = $121.12

$100 in February 2012 would be worth $121.12 in February 2022. This can be interpreted as an $100.00 item in February 2012 to now have a price of $121.12 in February 2022. Or, $121.12 in February 2022 would be needed to purchase the same amount of goods and services as $100 did in February 2012.

Calculating The Current Value of the Canadian Dollar

Just as the CPI can be used to calculate how much a dollar in the past would be worth today, you can also use the CPI to calculate how much a dollar today would have been worth in the past. This involves reversing the percentage change calculation.

For example, let’s say that you want to find out how much $100 in February 2022 would be worth in February 2012. The CPI in February 2022 was 146.8, and the CPI in February 2012 was 121.2.

The percentage change in CPI would be:

= -17.44%

Applying that percentage change to $100:

$100 - 17.44% = $82.56

$100 in February 2022 would have been worth the same as $82.56 in February 2012.

Inflation Calculator Data Sources

Consumer Price Index (CPI) data from Statistics Canada is used in this inflation calculator. This includes the following sources:

The calculators and content on this page are provided for general information purposes only. WOWA does not guarantee the accuracy of information shown and is not responsible for any consequences of the use of the calculator.