Inflation Canada 2024
Average inflation: 2.4%
Current Inflation
Inflation is normal at 2.4%, around the ECB target.
Peak and Trough
The highest inflation was in January at 2.9%. The lowest inflation was in September at 1.6%.
- Highest month
- January: 2.9%
- Lowest month
- September: 1.6%
- Difference
- 1.3 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Housing, water, electricity, gas and other fuels with an average of 6.0%. The lowest price increase was in Communication with an average of -9.1%.
- Highest increase
- Housing, water, electricity, gas and other fuels: 6.0%
- Lowest increase
- Communication: -9.1%
Historical Context
Current inflation is 1.0% lower than the 5-year average of 3.4%.
- 5-year average
- 3.4%
- 10-year average
- 2.5%
- All-time high (2022)
- 6.8%
- All-time low (2009)
- 0.3%
Trend
Inflation shows a downward trend. Compared to 2023, inflation has fallen by +1.5 percentage point.
- Change vs. previous year
- -1.5 percentage points
- Largest monthly swing
- January: -3.0 percentage points
ECB Target
Inflation is 0.4% 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 €102.40 next year at this inflation rate.
Multi-year trend
Monthly figures 2024
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2023 |
|---|---|---|
| January | 2.9% | -3.0 |
| February | 2.8% | -2.4 |
| March | 2.9% | -1.4 |
| April | 2.7% | -1.7 |
| May | 2.9% | -0.5 |
| June | 2.7% | -0.1 |
| July | 2.5% | -0.8 |
| August | 2.0% | -2.0 |
| September | 1.6% | -2.2 |
| October | 2.0% | -1.1 |
| November | 1.9% | -1.2 |
| December | 1.8% | -1.6 |
| Average | 2.4% |
Data source
Data from OECD. Last updated: 11/01/2026.