December 13, 2021
In 1991, the Bank of Canada and the Minister of Finance agreed on an inflation-control target framework to guide Canadian monetary policy. The target agreement has been renewed several times since, most recently in 2021 to the end of 2026.
2021
December 13, 2021
Every five years, the Bank of Canada and the Government of Canada review and renew our agreement on Canada’s monetary policy framework. In 2021, we renewed Canada’s flexible inflation-targeting framework for 2022 to 2026.
Our renewed monetary policy framework
December 13, 2021
Commentary and technical data relating to the 2021 renewal.
Monetary Policy Framework Renewal (December 2021)
Content Type(s):
Background materials
Topic(s):
Inflation and prices,
Monetary policy
2016
October 24, 2016
Joint Statement of the Government of Canada and the Bank of Canada on the Renewal of the Inflation-Control Target
The Government of Canada and the Bank of Canada agreed that the inflation target will continue to be defined in terms of the 12-month rate of change in the total CPI, that it will continue to be the 2 per cent mid-point of the 1 to 3 per cent inflation-control range, and that the agreement will run for another five-year period, ending 31 December 2021.
Content Type(s):
Press,
Press releases
October 24, 2016
Cover letter outlining the Bank’s recommendations for the target agreement, and detailing the Bank’s research of key issues related to the renewal.
Letter from the Governor to the Minister of Finance regarding the Renewal of the Inflation-Control Target – Dated 21 September 2016
October 24, 2016
Commentary and technical data relating to the 2016 target renewal.
Renewal of the Inflation-Control Target (October 2016)
Content Type(s):
Background materials
Topic(s):
Inflation and prices,
Monetary policy
August 31, 2017
In 2016, the Bank and the Government of Canada renewed their Inflation-Control Target agreement. Learn about our research priorities that led up to the renewal.
Renewing Canada’s Inflation-Control Agreement: 2011–2016 Research Priorities
2011
November 9, 2011
Bank of Canada Releases Background Information on Renewal of the Inflation-Control Target
The Bank of Canada today released the document Renewal of the Inflation-Control Target: Background Information, which summarizes the key elements of Canada's inflation-targeting framework.
Content Type(s):
Press,
Press releases
November 8, 2011
Joint Statement of the Government of Canada and the Bank of Canada on the Renewal of the Inflation-Control Target
The primary objective of Canada's monetary policy is to enhance the well-being of Canadians by contributing to sustained economic growth, rising levels of employment and improved living standards.
Content Type(s):
Press,
Press releases
November 7, 2011
Commentary and technical data relating to the 2011 target renewal.
Renewal of the Inflation-Control Target (November 2011)
Content Type(s):
Background materials
Topic(s):
Inflation and prices,
Monetary policy
2006
November 27, 2006
Bank of Canada Releases Background Information on Renewal of the Inflation-Control Target
The Bank of Canada today released the document Renewal of the Inflation-Control Target: Background Information, which describes Canada's experience with inflation targeting, reports on some key issues bearing on the framework for conducting monetary policy, and identifies issues warranting further research.
Content Type(s):
Press,
Press releases
November 23, 2006
Joint Statement of the Government of Canada and the Bank of Canada on the Renewal of the Inflation-Control Target
The primary objective of Canada's monetary policy is to enhance the well-being of Canadians by contributing to sustained economic growth, rising levels of employment and improved living standards.
Content Type(s):
Press,
Press releases
November 1, 2006
Commentary and technical data relating to the 2006 target renewal.
Renewal of the Inflation-Control Target (November 2006)
Content Type(s):
Background materials
Topic(s):
Inflation and prices,
Monetary policy
2001
May 18, 2001
Bank releases background information on renewal of the inflation-control target
The Bank of Canada today released the document Renewal of the Inflation-Control Target: Background Information, which provides additional details on the target arrangements and on how the Bank plans to implement them in order to increase the predictability of inflation over the longer term. This release follows the announcement yesterday by the Government of Canada and the Bank that the inflation-control target is being renewed for a period of five years to the end of 2006.
Content Type(s):
Press,
Press releases
May 17, 2001
Joint Statement of the Government of Canada and the Bank of Canada on the Renewal of the Inflation-Control Target
The objective of Canada's monetary policy is to support and advance national economic well-being by contributing to sustained economic growth, rising levels of employment and improved living standards. The best contribution monetary policy can make to securing this outcome is to preserve confidence in the value of money by providing individuals and businesses with the certainty of a stable, low-inflation environment for their economic decisions.
Content Type(s):
Press,
Press releases
May 1, 2001
Commentary relating to the 2001 target renewal.
Renewal of the Inflation-Control Target (May 2001)
Content Type(s):
Background materials
Topic(s):
Inflation and prices,
Monetary policy
1998
February 24, 1998
Inflation-Control Targets Extended
The Bank of Canada today released a joint statement of the Government of Canada and the Bank of Canada on the extension of the inflation-control targets.
Content Type(s):
Press,
Press releases
1993
December 22, 1993
December 1993 statement announcing the renewal of the agreement.
Statement of the Government of Canada and the Bank of Canada on Monetary Policy Objectives
Content Type(s):
Press,
Press releases
1991
February 26, 1991
March 1991 statement announcing the renewal of the agreement.
Targets for Reducing Inflation
Content Type(s):
Press,
Press releases