Current Inflation Rate 2024 Canada. Past interest rate hikes will continue to limit canadians. High inflation and high interest rates continue to impact household budgets and spending decisions, but consumers are less pessimistic about the economic outlook.

The inflation rate year over year is 2.0% (compared to 2.5% for the previous. Canada’s annual inflation rate slowed to 2.5 per cent in july — down from 2.7 per cent in june, statistics canada said tuesday.