Canada Inflation Rate May 2024. The annual inflation rate in canada fell to 2.5% in july of 2024 from 2.7% in the previous month, matching market expectations, to mark the softest increase in consumer prices since march of 2021. Ottawa — canada’s annual inflation rate rose to 2.9 per cent in may, largely driven by higher prices for services, statistics canada reported on tuesday.
Higher interest rates are working to ease price pressures in canada and inflation is coming down, though progress to the 2% target is slow. The canadian consumer price index reference paper.