CPI inflation, 12-month change, Canada
CPI inflation, 12-month change in Canada was 3.09% in , up 0.06 pp from and up 0.73 pp from a year earlier. Over the latest 12 readings it moved between 1.78% and 3.23%. The next reading is for October 2026. Source: Statistics Canada, Table 18-10-0004-01; history from .
Key takeaways
- CPI inflation, 12-month change at 3.09% in beats 83% of readings since (Statistics Canada).
- Against a ten-year average of 2.74%, CPI inflation, 12-month change is above that norm by 0.36 pp (Statistics Canada).
- On CPI inflation, 12-month change, Canada ranks 4th highest of 4 countries (national publishers).
What this indicator is and why it matters
CPI inflation, 12-month change, is the percent change in Canada's all-items consumer price index compared with the same month a year earlier. EconoMonitor calculates it from Statistics Canada's index (table 18-10-0004-01), which is published about three weeks after each month ends; the result matches the headline rate Statistics Canada reports.
It is the rate the Bank of Canada targets: the Bank aims to keep it at 2%, the midpoint of a 1% to 3% control range. Rate decisions, wage negotiations and the indexation of federal benefits all start from this number, and lenders watch it because sustained inflation above target leads to higher policy rates and higher mortgage costs at renewal.
Three things to keep in mind. The Bank of Canada also watches its preferred core measures, CPI-trim and CPI-median, which strip out the most extreme price moves each month; headline inflation can diverge from them for months at a time. Mortgage interest cost is part of the Canadian CPI, so rising interest rates add directly to measured inflation, which is different from the US approach. And a 12-month rate carries the effect of one-off price jumps, such as a tax change, for a full year before they drop out.
Where it sits in history
CPI inflation, 12-month change is at its highest since , when it stood at 3.23%. Within ten years, CPI inflation, 12-month change beats 73% of readings.
| Window | Latest is higher than | Average | Highest | Lowest |
|---|---|---|---|---|
| Since January 2007 | 83% of readings | 2.20% | 8.13% | -0.95% |
| Last ten years | 73% of readings | 2.74% | 8.13% | -0.37% |
| Last five years | 53% of readings | 3.69% | 8.13% | 1.64% |
- CPI inflation, 12-month change 3.1%
Recent readings
Last five years
- CPI inflation, 12-month change 3.1%
Latest readings
| Period | Value | Change from previous |
|---|---|---|
| 3.09% | +0.06 pp | |
| 3.03% | +0.00 pp | |
| 3.03% | +0.23 pp | |
| 2.80% | -0.43 pp | |
| 3.23% | +0.41 pp | |
| 2.82% | +0.43 pp | |
| 2.39% | +0.61 pp | |
| 1.78% | -0.51 pp | |
| 2.29% | -0.06 pp | |
| 2.36% | +0.13 pp | |
| 2.22% | +0.06 pp | |
| 2.16% | -0.20 pp | |
| 2.36% | +0.50 pp |
Annual averages
By calendar-year average, CPI inflation, 12-month change peaked in (6.80%) and bottomed in (0.31%). 2026 to date: 2.72%, after 2.07% in 2025.
| Year | Average | Low | High | Readings |
|---|---|---|---|---|
| 2026 (part year) | 2.72% | 1.78% | 3.23% | 9 |
| 2025 | 2.07% | 1.73% | 2.64% | 12 |
| 2024 | 2.39% | 1.64% | 2.90% | 12 |
| 2023 | 3.89% | 2.81% | 5.92% | 12 |
| 2022 | 6.80% | 5.14% | 8.13% | 12 |
| 2021 | 3.39% | 1.02% | 4.80% | 12 |
| 2020 | 0.72% | -0.37% | 2.40% | 12 |
| 2019 | 1.95% | 1.44% | 2.40% | 12 |
| 2018 | 2.27% | 1.68% | 2.99% | 12 |
| 2017 | 1.60% | 1.01% | 2.13% | 12 |
| 2016 | 1.43% | 1.10% | 2.01% | 12 |
| 2015 | 1.13% | 0.80% | 1.61% | 12 |
| 2014 | 1.91% | 1.14% | 2.36% | 12 |
| 2013 | 0.94% | 0.41% | 1.32% | 12 |
| 2012 | 1.52% | 0.83% | 2.62% | 12 |
| 2011 | 2.91% | 2.16% | 3.70% | 12 |
| 2010 | 1.78% | 0.96% | 2.44% | 12 |
| 2009 | 0.31% | -0.95% | 1.43% | 12 |
| 2008 | 2.37% | 1.16% | 3.49% | 12 |
| 2007 | 2.14% | 1.11% | 2.47% | 12 |
Same measure in other countries
CPI inflation, 12-month change in Canada is above 0 of the other 3 comparable readings. Four countries compared.
| Country | Series | Latest | Period | Change on a year earlier |
|---|---|---|---|---|
| Canada | CPI inflation, 12-month change | 3.09% | +0.73 pp | |
| United States | CPI inflation, 12-month change | 3.74% | September 2026 | +0.73 pp |
| Australia | CPI inflation, change from a year earlier | 3.94% | Q2 2026 | +1.85 pp |
| United Kingdom | CPI inflation, 12-month rate | 3.10% | August 2026 | -0.70 pp |
How is it measured?
Percent change in the all-items CPI from the same month a year earlier. Formula: (ca_cpi / ca_cpi 12 months earlier - 1) x 100.
Statistics Canada publishes CPI inflation, 12-month change monthly in Table 18-10-0004-01, in percent and is not seasonally adjusted. Code: 18100004:2.2 (Consumer price index, all-items); the 12-month rate is derived by EconoMonitor. Method for CPI inflation, 12-month change.
Questions
How high is CPI inflation, 12-month change in Canada now?
3.09% in (Statistics Canada), up 0.73 pp on a year earlier.
Is CPI inflation, 12-month change high by historical standards?
CPI inflation, 12-month change beats 83% of readings since ; its peak was 8.13% (), its low -0.95% ().
When is CPI inflation, 12-month change updated?
Monthly, in Table 18-10-0004-01. Next reading: October 2026.
Where can I check CPI inflation, 12-month change at the source?
Statistics Canada data, code 18100004:2.2 (Consumer price index, all-items); the 12-month rate is derived by EconoMonitor.