Inflation Canada 2023
Average inflation: 3.9%
Current Inflation
Inflation is high at 3.9%, well above the ECB target.
Peak and Trough
The highest inflation was in January at 5.9%. The lowest inflation was in June at 2.8%.
- Highest month
- January: 5.9%
- Lowest month
- June: 2.8%
- Difference
- 3.1 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Food and non-alcoholic beverages with an average of 7.9%. The lowest price increase was in Communication with an average of -6.4%.
- Highest increase
- Food and non-alcoholic beverages: 7.9%
- Lowest increase
- Communication: -6.4%
Historical Context
Current inflation is 0.6% higher than the 5-year average of 3.3%.
- 5-year average
- 3.3%
- 10-year average
- 2.5%
- All-time high (2022)
- 6.8%
- All-time low (2009)
- 0.3%
Trend
Inflation has remained relatively stable. Compared to 2022, the difference is minimal (-2.9 percentage point).
- Change vs. previous year
- -2.9 percentage points
- Largest monthly swing
- June: -5.3 percentage points
ECB Target
Inflation is 1.9% above the ECB target of 2.0%. This means purchasing power is declining faster than intended.
Purchasing Power
At this inflation rate, purchasing power noticeably decreases. Without a salary increase, you can buy less with the same money.
What you could buy for €100 this year will cost approximately €103.90 next year at this inflation rate.
Multi-year trend
Monthly figures 2023
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2022 |
|---|---|---|
| January | 5.9% | +0.8 |
| February | 5.2% | -0.5 |
| March | 4.3% | -2.4 |
| April | 4.4% | -2.4 |
| May | 3.4% | -4.3 |
| June | 2.8% | -5.3 |
| July | 3.3% | -4.3 |
| August | 4.0% | -3.0 |
| September | 3.8% | -3.1 |
| October | 3.1% | -3.8 |
| November | 3.1% | -3.7 |
| December | 3.4% | -2.9 |
| Average | 3.9% |
Data source
Data from OECD. Last updated: 11/01/2026.