Canada at a Glance, 2023
Prices and inflation
Did you know?
- The Consumer Price Index (CPI) rose 6.8% on an annual average basis in 2022. This was the largest increase since 1982 (+10.9%)—a 40-year high. Price increases were broad-based in 2022, with historically large annual average price increases in all eight major components.
- Some of the most notable annual average price increases experienced by Canadian consumers were for gasoline (+28.5%), food purchased from stores (+9.8%) and shelter (+6.9%).
- Prices for goods rose 8.7% on an annual average basis while prices for services rose 5.0%. While service prices have typically grown at a faster annual average pace than goods over the past 20 years, prices for goods grew at a substantially faster pace than services in 2021 and 2022.
Data table for Chart 22
| CPI | CPI excluding food and energy | |
|---|---|---|
| annual average percentage change | ||
| 2008 | 2.3 | 1.2 |
| 2009 | 0.3 | 1.1 |
| 2010 | 1.8 | 1.3 |
| 2011 | 2.9 | 1.6 |
| 2012 | 1.5 | 1.3 |
| 2013 | 0.9 | 0.9 |
| 2014 | 2.0 | 1.5 |
| 2015 | 1.1 | 1.8 |
| 2016 | 1.4 | 1.9 |
| 2017 | 1.6 | 1.6 |
| 2018 | 2.3 | 1.9 |
| 2019 | 1.9 | 2.0 |
| 2020 | 0.7 | 1.1 |
| 2021 | 3.4 | 2.3 |
| 2022 | 6.8 | 5.0 |
| Source: Statistics Canada. Table 18-10-0005-01 | ||
Data table for Chart 23
| Goods | Services | |
|---|---|---|
| annual average percentage change | ||
| 2008 | 1.3 | 3.4 |
| 2009 | -1.6 | 2.1 |
| 2010 | 1.5 | 2.1 |
| 2011 | 3.4 | 2.4 |
| 2012 | 1.0 | 2.1 |
| 2013 | 0.5 | 1.3 |
| 2014 | 1.7 | 2.1 |
| 2015 | 0.3 | 2.0 |
| 2016 | 0.9 | 1.8 |
| 2017 | 0.8 | 2.2 |
| 2018 | 1.9 | 2.7 |
| 2019 | 1.3 | 2.3 |
| 2020 | -0.2 | 1.4 |
| 2021 | 4.7 | 2.3 |
| 2022 | 8.7 | 5.0 |
| Source: Statistics Canada. Table 18-10-0005-01. | ||
Data table for Chart 24
| Consumer Price Index | Average hourly wages | |
|---|---|---|
| index (January 2019 = 100) | ||
| 2019 | ||
| January | 100.0 | 100.0 |
| February | 100.7 | 100.1 |
| March | 101.3 | 100.0 |
| April | 101.8 | 100.2 |
| May | 102.2 | 99.9 |
| June | 102.0 | 100.4 |
| July | 102.5 | 100.0 |
| August | 102.4 | 99.8 |
| September | 101.9 | 101.7 |
| October | 102.2 | 101.8 |
| November | 102.1 | 101.8 |
| December | 102.1 | 101.7 |
| 2020 | ||
| January | 102.4 | 102.8 |
| February | 102.8 | 103.4 |
| March | 102.2 | 106.2 |
| April | 101.6 | 110.7 |
| May | 101.9 | 110.1 |
| June | 102.7 | 107.6 |
| July | 102.7 | 106.5 |
| August | 102.5 | 106.1 |
| September | 102.5 | 106.8 |
| October | 102.9 | 107.5 |
| November | 103.1 | 107.0 |
| December | 102.8 | 107.2 |
| 2021 | ||
| January | 103.4 | 109.3 |
| February | 104.0 | 108.8 |
| March | 104.5 | 108.2 |
| April | 105.0 | 109.2 |
| May | 105.5 | 108.5 |
| June | 105.8 | 107.6 |
| July | 106.5 | 107.8 |
| August | 106.7 | 108.1 |
| September | 107.0 | 109.7 |
| October | 107.7 | 109.7 |
| November | 107.9 | 109.9 |
| December | 107.8 | 110.8 |
| 2022 | ||
| January | 108.8 | 112.3 |
| February | 109.9 | 111.8 |
| March | 111.5 | 111.7 |
| April | 112.1 | 112.7 |
| May | 113.7 | 112.4 |
| June | 114.4 | 113.0 |
| July | 114.6 | 112.5 |
| August | 114.2 | 113.4 |
| September | 114.3 | 115.1 |
| October | 115.1 | 115.6 |
| November | 115.3 | 116.2 |
| December | 114.6 | 116.1 |
| 2023 | ||
| January | 115.2 | 117.3 |
| February | 115.6 | 117.8 |
| March | 116.2 | 117.7 |
| April | 117.1 | 118.6 |
| May | 117.5 | 118.2 |
| June | 117.7 | 117.7 |
| July | 118.3 | 118.1 |
| August | 118.8 | 118.9 |
|
Notes: Average hourly wages one-year percent change: August 2021 to August 2023: 4.9%. Consumer Price Index one-year percent change: August 2021 to August 2023: 4.0%. Sources: Statistics Canada. Tables 14-10-0063-01 and 18-10-0004-01. |
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