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How does inflation impact Canadians’ finances? What is the current inflation rate in Canada?
Inflation is the rising cost of goods and services, a.k.a. the cost of living. Over time, inflation erodes the purchasing power of money—for example, items that cost $100 two decades ago will now run you $144.61. In Canada, the most widely used measure of inflation is the Consumer Price Index (CPI), a fixed basket of hundreds of different goods and services, including food, shelter, clothing, transportation, health care and recreation. Each month, Statistics Canada checks the prices of these goods and services to see how much they have changed.
According to Statistics Canada, the current inflation rate in Canada is 1.7% which is based on the CPI.
Example: “When planning for retirement, consider how inflation can affect your savings.”
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