Monetary Policy Report

A quarterly report of the Bank of Canada’s Governing Council, presenting the Bank’s base-case projection for inflation and growth in the Canadian economy, and its assessment of risks.

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Latest Monetary Policy Reports

July 24, 2024

Monetary Policy Report—July 2024

Monetary Policy Report
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.
Content Type(s): Publications, Monetary Policy Report
April 10, 2024

Monetary Policy Report – April 2024

Monetary Policy Report – April
Monetary policy is working to reduce inflationary pressures and inflation is coming down, although it will take more time to see if this progress proves durable. The Bank projects that inflation will stay around 3% into the second quarter of 2024, ease below 2.5% in the second half of the year and return to target in 2025.
Content Type(s): Publications, Monetary Policy Report
April 12, 2023

Monetary Policy Report – April 2023

Monetary Policy Report – April
Inflation in Canada remains high but should come down quickly to around 3% in the middle of this year because of lower energy prices, improved supply chains and restrictive monetary policy. The Bank projects that inflation will reach the 2% target by the end of 2024.
Content Type(s): Publications, Monetary Policy Report
January 25, 2023

Monetary Policy Report – January 2023

Monetary Policy Report – January
Inflation in Canada is still too high but has declined from its peak. As the effects of higher interest rates continue to spread through the economy, and with declines in energy prices and improved supply chains, inflation is projected to fall to around 3% in the middle of 2023 and reach the 2% target in 2024.
Content Type(s): Publications, Monetary Policy Report
October 26, 2022

Monetary Policy Report – October 2022

Monetary Policy Report – October
While inflation has come off its peak, it remains too high. As the economy responds to higher interest rates and as the effects of elevated commodity prices and supply disruptions fade, the Bank expects inflation to fall to about 3% in late 2023, then return to 2% in 2024.
Content Type(s): Publications, Monetary Policy Report
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