In 2022, a spike of inflation had been recorded worldwide due to several causes, including the coronavirus (COVID-19) pandemic and the Russia-Ukraine war. When asked about it, in both the third and fourth quarters of 2022, consumers in Canada believed the inflation rate averaged roughly eight percent over the past 12 months. In early 2024, Canadians' idea of what the rate of inflation had been over the last 12 months was closer to five percent.
Perceived inflation rate among consumers in Canada from the fourth quarter of 2014 to the first quarter of 2024
Characteristic
Expected inflation rate
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The source explains that the figures are median values. Respondents were asked about current inflation rates, i.e., what they believed the rate of inflation (deflation) was over the past 12 months.
* The source adds that before the second quarter of 2018, the survey consisted of 1,000 respondents.
Adapted from Statistics Canada, bankofcanada.ca, Q4 2014 to Q1 2024. This does not constitute an endorsement by Statistics Canada of this product.
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Bank of Canada. (April 1, 2024). Perceived inflation rate among consumers in Canada from the fourth quarter of 2014 to the first quarter of 2024 [Graph]. In Statista. Retrieved July 22, 2024, from https://www.statista.com/statistics/1362418/current-inflation-perceptions-canada/
Bank of Canada. "Perceived inflation rate among consumers in Canada from the fourth quarter of 2014 to the first quarter of 2024." Chart. April 1, 2024. Statista. Accessed July 22, 2024. https://www.statista.com/statistics/1362418/current-inflation-perceptions-canada/
Bank of Canada. (2024). Perceived inflation rate among consumers in Canada from the fourth quarter of 2014 to the first quarter of 2024. Statista. Statista Inc.. Accessed: July 22, 2024. https://www.statista.com/statistics/1362418/current-inflation-perceptions-canada/
Bank of Canada. "Perceived Inflation Rate among Consumers in Canada from The Fourth Quarter of 2014 to The First Quarter of 2024." Statista, Statista Inc., 1 Apr 2024, https://www.statista.com/statistics/1362418/current-inflation-perceptions-canada/
Bank of Canada, Perceived inflation rate among consumers in Canada from the fourth quarter of 2014 to the first quarter of 2024 Statista, https://www.statista.com/statistics/1362418/current-inflation-perceptions-canada/ (last visited July 22, 2024)
Perceived inflation rate among consumers in Canada from the fourth quarter of 2014 to the first quarter of 2024 [Graph], Bank of Canada, April 1, 2024. [Online]. Available: https://www.statista.com/statistics/1362418/current-inflation-perceptions-canada/
