test your knowledge

Test your knowledge

What is the highest annual inflation rate seen in Canada since the year 2000?

April 20th, 2026

Answer: 8.1%. 

 

In June 2022, the Consumer Price Index (CPI), which is used to measure inflation, recorded a 12-month change of 8.1%, the highest in 25 years. It wasn’t a record, though – far from it. In February 1948, just after the war, Canada’s inflation rate soared to 17.5%. And closer to our time, in July 1981, inflation reached a peak of 12.9%. In the recent past, however, despite a few serious ups and downs, inflation has generally remained within the Bank of Canada’s target range, which is 1% to 3%. 

To learn more about the measurement of inflation, read this article. 

The following sources were used to prepare this article:

Bank of Canada, “Monetary policy.”

Statistics Canada, “Price trends: 1914 to today.”