Monetary Policy Report—July 2026
Canada’s economy has been weak but is showing signs of improvement. Growth is expected to pick up, and inflation is projected to ease to around 2%. Uncertainty remains elevated.
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Monetary Policy Report—April 2026
The Canadian economy is expected to grow at a moderate pace as it continues to adjust to US tariffs. Inflation has moved up due to higher oil prices linked to the war in the Middle East. It is projected to then ease back to the 2% target in 2027.
Monetary Policy Report—January 2026
The Canadian economy continues to adjust to US tariffs and the new global trade landscape. This adjustment will take time and growth is expected to be modest. Inflation is projected to remain near the 2% target.
Monetary Policy Report—October 2025
Canada’s economy is adjusting to tariffs and the sharp drop in demand for exports. The reconfiguration of global trade and domestic production is leading to higher costs. Total inflation has been around 2%, while underlying inflation remains about 2½%.
Monetary Policy Report—July 2025
Tariffs are significantly higher than they were at the start of 2025, and it is extremely difficult to predict how US trade policy will play out. Canadian economic activity has slowed but is showing signs of resilience. While inflation is close to 2%, underlying inflation has picked up.
Monetary Policy Report—April 2025
The Canadian economy ended 2024 in a strong position. However, the trade conflict and tariffs are expected to slow growth and add to price pressures. The outlook is very uncertain because of the unpredictability of US trade policy and the magnitude of its impact on the Canadian economy.
Monetary Policy Report—January 2025
Economic growth has ticked up in Canada, boosted by past cuts in interest rates. In the absence of new tariffs, growth is forecast to strengthen, and inflation remains close to 2%. But the threat of new tariffs is causing major uncertainty.
Monetary Policy Report—October 2024
Monetary policy has worked to reduce price pressures in the Canadian economy. Inflation is now around 2% and is expected to remain near the middle of the Bank of Canada’s control range of 1% to 3% over the projection.
Monetary Policy Report—July 2024
Monetary policy is working to reduce price pressures in the Canadian economy. Core inflation is expected to ease gradually, while the path of CPI inflation will be bumpy. Inflation returns sustainably to the 2% target in the second half of 2025.
Monetary Policy Report—July 2024
Interactive web-based sampleMonetary policy is working to reduce price pressures in the Canadian economy. Core inflation is expected to ease gradually, while the path of CPI inflation will be bumpy.