Inflation Canada 2022
Average inflation: 6.8%
Inflation in 2022
Inflation is very high at 6.8%, far above the ECB target.
Peak and Trough
The highest inflation was in June at 8.1%. The lowest inflation was in January at 5.1%.
- Highest month
- June: 8.1%
- Lowest month
- January: 5.1%
- Difference
- 3.0 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Transport with an average of 11.8%. The lowest price increase was in Communication with an average of -2.6%.
- Highest increase
- Transport: 11.8%
- Lowest increase
- Communication: -2.6%
Historical Context
Inflation is 3.8 percentage points higher than the 5-year average of 3.0%. This approaches the highest level since records began (6.8% in 2022).
- 5-year average
- 3%
- 10-year average
- 2.2%
- All-time high (2022)
- 6.8%
- All-time low (2009)
- 0.3%
Trend
Over the period 2020-2022, inflation shows an upward trend. Compared to 2021, inflation has risen by 3.4 percentage points.
- Change vs. previous year
- +3.4 percentage points
- Largest monthly swing
- June: +5.0 percentage points
ECB Target
Inflation is 4.8 percentage points above the ECB target of 2.0%. This means purchasing power is declining faster than intended.
Purchasing Power
At this high inflation rate, purchasing power rapidly decreases. This has a major impact on households, especially without adequate salary increases.
What you could buy for CA$100 this year will cost approximately CA$106.80 next year at this inflation rate.
Multi-year trend
Monthly figures 2022
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2021 |
|---|---|---|
| January | 5.1% | +4.1 |
| February | 5.7% | +4.6 |
| March | 6.7% | +4.5 |
| April | 6.8% | +3.4 |
| May | 7.7% | +4.1 |
| June | 8.1% | +5.0 |
| July | 7.6% | +3.9 |
| August | 7.0% | +2.9 |
| September | 6.9% | +2.5 |
| October | 6.9% | +2.2 |
| November | 6.8% | +2.1 |
| December | 6.3% | +1.5 |
| Average | 6.8% |
Data source
Data from OECD. Last updated: 13/01/2026.