Canada CPI

Data Prices

Source: Statistics Canada
Source Link: https://www.statcan.gc.ca/
Frequency: Monthly
Next Release(s): September 16th, 2025 8:30 AM

Latest Updates

Canada’s CPI rose 0.3% MoM and 1.7% YoY (vs 1.7% YoY expected) in July 2025 (down from 1.9% YoY in June), reflecting easing headline inflation mainly due to lower energy prices.
- CPI (ex food and energy) was 2.5% YoY, down from 2.6% YoY in June.
- Excluding gasoline, CPI increased 2.5% YoY, unchanged from May and June, highlighting persistent underlying inflation.
- Gasoline prices fell -16.1% YoY (vs -13.4% YoY in June) and -0.7% MoM, continuing to drive the slowdown in the headline index.
- Shelter prices rose 3.0% YoY (vs 2.9% in June), with rent up 5.1% YoY and natural gas prices falling at a slower pace (-7.3% YoY vs -14.1% in June).
- Grocery prices accelerated to +3.4% YoY (from 2.8% YoY), led by sharp gains in confectionery (+11.8%), coffee (+28.6%), and fresh fruit (+3.9% YoY).
- Mortgage interest costs moderated, rising 4.8% YoY (vs 5.6% in June), easing some pressure within the shelter component.
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Canada’s CPI rose 0.1% MoM and 1.9% YoY in June 2025, up from 1.7% YoY in May, driven by firmer prices for durable goods and shelter, while gasoline continued to weigh on the headline rate.
- CPI excluding energy rose 2.7% YoY, and CPI excluding food and energy increased 2.6% YoY.
- Gasoline prices fell -0.7% MoM and -13.4% YoY, continuing to drag on transportation (-0.6% YoY).
- Durable goods rose 0.3% MoM and 2.7% YoY, led by a 4.1% YoY increase in passenger vehicle prices.
- Food and shelter both rose 2.9% YoY, while clothing and footwear prices rose 2.0% YoY.
- Services inflation held at 3.0% YoY, while goods prices remained soft at just 0.5% YoY.
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Canada’s CPI rose 0.6% MoM and 1.7% YoY in May 2025, matching April’s annual rate, as energy price declines continued to weigh on the headline figure while core inflation remained elevated.
- Excluding energy, CPI rose 2.7% YoY, while CPI ex-food and energy increased 2.6% YoY.
- Gasoline prices rose 1.9% MoM but remained down -15.5% YoY due to base effects and the removal of the carbon levy.
- Shelter inflation held steady MoM and rose 3.0% YoY, with mortgage interest costs up 6.2% YoY and rent growth slowing to 4.5% YoY (from 5.2% YoY).
- Food prices increased 0.5% MoM and 3.4% YoY, including a 3.3% YoY rise in store-bought food.
- Prices for new passenger vehicles rose 4.9% YoY in May, after increasing 4.6% in April.
- Services CPI rose 0.7% MoM and 3.2% YoY; goods prices were up 0.5% MoM and down -0.1% YoY, dragged down by a -1.1% YoY drop in non-durable goods.
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Canada’s CPI fell -0.1% MoM (vs -0.2% MoM expected) and was up 1.7% YoY (vs 1.6% YoY expected) in April, down from 2.3% YoY in March and the lowest since September 2024.
- The moderation in inflation was heavily impacted by energy which fell -7.9% MoM and -12.7% YoY. Gas prices fell -1.6% MoM and -18.1% YoY.
- Excluding energy, the CPI rose 2.9% YoY in April, following a 2.5% YoY increase in March.
- In April, prices for food purchased from stores grew at a faster pace, increasing 3.8% YoY compared with 3.2% YoY in March.
- Core CPI (ex-food and energy) inflation was 0.3% MoM and 2.6% YoY in April , up from 2.4% YoY in March.
- Services CPI increased 0.6% MoM and 3.5% YoY, up from 3.1% YoY in March, while goods CPI fell -1.0% MoM and -0.5% YoY, down from +1.3% YoY in March.
- Moderating the slowdown in the CPI in April were higher prices for travel tours (+6.7% MoM) and food purchased from stores (+3.8% MoM).
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Canada’s CPI increased 0.3% MoM (vs 0.6% MoM expected) and 2.3% YoY in March, down from 2.6% YoY in February and below expectations of the rate remaining unchanged at 2.6% YoY.
- Gas prices were down -1.8% MoM and -1.6% YoY in March, a sharp reversal from the 5.1% YoY increase in February.
- Food prices jumped 1.7% MoM and were up 3.2% YoY.
- CPI excluding food and energy was up 0.2% MoM and 2.4% YoY in March, down from 2.9% YoY in February.
- Goods prices were up 0.3% MoM and 1.3% YoY, and services prices were up 0.3% MoM and 3.1% YoY.
- Outside of gasoline, key weak segments were household operations & goods (-0.3% MoM) and recreation & education (-0.8% MoM).
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Canada’s CPI increased 1.1% MoM and 2.6% YoY in February, up from 1.9% YoY and above the 2.2% YoY forecast.
- Energy prices increased 0.5% MoM, and food prices increased 1.9% MoM.
- Goods prices increased 0.8% MoM, and services prices increased 1.2% MoM.
- Core CPI increased 0.7% MoM and 2.7% YoY, up from 2.1% YoY.
- With the federal tax break ending on February 15, the GST and HST were reapplied to eligible products. This put upward pressure on consumer prices for those items, as taxes paid by consumers are included in the CPI.
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Canada’s CPI increased 0.1% MoM and 1.9% YoY in January, in line with expectations and slightly higher than 1.8% YoY in December.
- Core CPI inflation fell -0.1% MoM and was up 2.2% YoY, accelerating from 1.8% YoY.
- Goods prices jumped 1.0% MoM on strong increases in durable goods and non-durable goods prices of 1.1% MoM each.
- Services prices fell -0.7% MoM and were up 2.8% YoY. Health and personal care fell -0.2% MoM and recreation & education fell -0.3% MoM.
- Energy prices flared-up, growing 5.3% MoM in January after a 1.0% MoM rise in December. Gas prices are up 8.6% YoY.
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Canada’s CPI fell -0.4% MoM and was up 1.8% YoY in December, down from 1.9% YoY in November. Core inflation increased from 1.6% YoY to 1.8% YoY. The energy component fell 0.3% MoM and was up 1.0% YoY. Goods prices were negative on an annual basis at -0.1% YoY after a decline of -0.9% MoM, while services prices were firmer at 0.1% MoM and 3.5% YoY.

For the full year 2024, CPI was up 2.4%, slowing from 3.9% in 2023 and the lowest since 2020. Excluding energy, CPI was up 2.6% in 2024 vs 4.5% in 2023.

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Canada’s CPI was unchanged in November and up 1.9% YoY, slower than the 2.0% YoY rate in both October and the consensus projection. Core inflation was -0.1% MoM and 1.6% YoY, slowing slightly from 1.7% YoY previously. Notably, CPI ex-gasoline up 2.0% YoY was the slowest increase since April 2021.

The shelter component continued to ease, up 4.6% YoY in November, down from 4.8% YoY in October. Household furnishings (-0.9% MoM), clothing (-0.8% MoM), and recreation (-0.5% MoM) all fell on the month. Goods prices were flat on a monthly and annual basis with durable and semi-durable goods in deflation. Services prices were up only 0.1% MoM but. on an annual basis, growing at a high 3.5% YoY pace.

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