Summary of Key Monetary Policy Variables

= display the data in the column(s) as a graph

Date	Inflation-control target			Policy instrument		Monetary conditions		Monetary aggregates3			Inflation indicators
	Target range	Total CPI	Core CPI1	Overnight rate target (end of month)	Overnight rate	90 day commer. paper rate	Canadian- dollar effective exchange rate index (CERI) 2	M1+ (gross)	M1++ (gross)	M2++ (gross)	Yield spread between convent. and Real Return bonds	CPI excluding food, energy and taxes	CPIW	Unit labour costs	IPPI (finished products)	Average hourly earnings of perm. workers
		12-month growth rate						12-month growth rate				12-month growth rate
	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16
2012-01	--	--	--	1.00	--	--	118.26	--	--	--	--	--	--	--	--	--
2011-12	1-3	2.3	1.9	1.00	0.9998	1.16	117.07	--	--	--	2.03	1.2	1.9	--	3.4	2.4
2011-11	1-3	2.9	2.1	1.00	0.9983	1.16	116.44	9.9	10.0	--	2.08	1.5	2.1	--	4.1	2.6
2011-10	1-3	2.9	2.1	1.00	0.9993	1.15	116.77	10.2	9.8	5.7	2.17	1.4	2.2	--	4.1	1.3
2011-09	1-3	3.2	2.2	1.00	0.9989	1.15	118.84	9.9	9.0	5.4	1.95	1.8	2.3	1.1	3.8	1.6
2011-08	1-3	3.1	1.9	1.00	0.9977	1.15	120.44	8.4	7.6	4.9	2.22	1.4	2.1	1.9	3.1	1.5
2011-07	1-3	2.7	1.6	1.00	0.9986	1.17	123.81	8.2	7.2	4.8	2.51	1.1	1.9	1.7	2.2	1.2
2011-06	1-3	3.1	1.3	1.00	0.9981	1.17	121.19	8.1	7.2	4.9	2.49	0.7	1.8	2.4	2.6	2.0
2011-05	1-3	3.7	1.8	1.00	0.9967	1.19	122.30	7.5	6.9	4.7	2.51	1.2	2.1	2.6	2.4	2.2
2011-04	1-3	3.3	1.6	1.00	0.9970	1.19	123.71	9.0	8.1	5.0	2.69	1.0	1.7	2.1	3.0	2.4
2011-03	1-3	3.3	1.7	1.00	0.9944	1.18	121.74	9.5	8.7	5.0	2.59	1.3	1.8	2.6	2.1	2.6
2011-02	1-3	2.2	0.9	1.00	0.9934	1.19	120.79	9.0	8.5	4.8	2.44	0.4	1.1	2.3	0.7	2.5
2011-01	1-3	2.3	1.4	1.00	0.9937	1.18	120.36	9.5	9.3	4.9	2.40	0.9	1.2	1.8	0.7	2.3
2010-12	1-3	2.4	1.5	1.00	0.9924	1.18	119.04	9.3	9.3	4.7	2.42	1.0	1.4	1.3	0.7	2.2
2010-11	1-3	2.0	1.4	1.00	0.9997	1.17	118.01	9.1	8.9	4.4	2.35	0.9	1.1	1.5	-0.3	2.3
2010-10	1-3	2.4	1.8	1.00	0.9969	1.16	117.17	10.2	9.9	4.7	2.33	1.1	1.5	1.7	0.4	1.9
2010-09	1-3	1.9	1.5	1.00	0.9976	1.15	116.44	10.8	11.0	4.6	2.16	0.8	1.2	1.7	-0.5	2.5
2010-08	1-3	1.7	1.6	0.75	0.7481	0.89	115.86	10.7	11.4	4.5	2.07	0.7	1.3	0.6	-0.8	2.3
2010-07	1-3	1.8	1.6	0.75	0.7400	0.90	115.89	12.3	13.1	4.8	2.22	0.7	1.3	1.0	-1.3	2.6
2010-06	1-3	1.0	1.7	0.50	0.4928	0.73	117.33	13.6	15.0	5.0	2.23	1.0	1.2	1.0	-2.0	2.1
2010-05	1-3	1.4	1.8	0.25	0.2437	0.60	116.85	14.0	15.7	5.0	2.24	1.1	1.4	-0.3	-1.6	2.8
2010-04	1-3	1.8	1.9	0.25	0.2480	0.59	120.01	13.6	15.8	4.9	2.50	1.2	1.6	0.6	-3.9	2.4
2010-03	1-3	1.4	1.7	0.25	0.2443	0.41	117.77	14.6	17.2	5.3	2.51	0.9	1.4	0.0	-4.4	2.5
2010-02	1-3	1.6	2.1	0.25	0.2476	0.37	113.88	15.2	18.2	5.8	2.46	1.4	1.6	0.6	-3.1	2.7
2010-01	1-3	1.9	2.0	0.25	0.2442	0.38	114.85	13.8	17.6	5.8	2.41	1.3	1.8	0.4	-2.1	2.3
2009-12	1-3	1.3	1.5	0.25	0.2455	0.38	113.38	13.4	18.9	6.6	2.55	0.6	1.6	1.2	-1.8	2.3
2009-11	1-3	1.0	1.5	0.25	0.2435	0.39	112.51	13.9	20.0	7.4	2.29	0.8	1.7	1.6	-2.3	2.2
2009-10	1-3	0.1	1.8	0.25	0.2403	0.38	113.31	13.7	20.5	8.2	2.33	1.3	1.6	2.0	-4.2	3.0
2009-09	1-3	-0.9	1.5	0.25	0.2417	0.39	110.65	13.7	19.7	8.3	2.10	0.9	1.2	2.3	-2.0	2.3
2009-08	1-3	-0.8	1.6	0.25	0.2425	0.43	110.36	14.1	19.7	8.4	2.08	1.0	1.4	2.4	-1.9	3.4
2009-07	1-3	-0.9	1.8	0.25	0.2417	0.40	107.11	13.1	18.4	8.4	2.16	1.1	1.5	2.8	-0.9	3.2
2009-06	1-3	-0.3	1.9	0.25	0.2412	0.54	107.00	11.5	16.1	8.2	2.00	1.3	1.8	2.3	-0.1	3.5
2009-05	1-3	0.1	2.0	0.25	0.2432	0.60	104.99	11.6	15.8	8.5	1.85	1.3	2.1	3.3	1.2	3.2
2009-04	1-3	0.4	1.8	0.25	0.2480	0.70	99.41	12.4	15.3	8.8	1.81	1.3	2.0	3.0	3.6	4.3
2009-03	1-3	1.2	2.0	0.50	0.4883	1.05	96.68	11.4	14.4	8.7	1.74	1.4	2.4	3.5	6.3	4.1
2009-02	1-3	1.4	1.9	1.00	0.9978	1.23	98.01	11.1	14.0	8.6	1.50	1.4	2.4	3.0	6.2	3.9
2009-01	1-3	1.1	1.9	1.00	1.0044	1.30	98.90	11.5	13.7	8.8	1.46	1.2	2.3	3.5	5.0	4.6
2008-12	1-3	1.2	2.4	1.50	1.5017	2.22	98.09	11.8	12.4	8.4	1.35	2.1	2.5	3.9	5.2	4.4
2008-11	1-3	2.0	2.4	2.25	2.2448	2.68	100.08	11.7	12.0	9.2	1.26	2.2	2.8	3.7	7.5	4.6
2008-10	1-3	2.6	1.7	2.25	2.2522	2.95	102.42	10.7	10.8	8.6	1.78	1.5	2.6	3.9	9.6	4.2
2008-09	1-3	3.4	1.7	3.00	2.9904	3.45	113.07	8.1	8.7	8.3	2.07	1.6	2.9	4.1	6.1	4.3
2008-08	1-3	3.5	1.7	3.00	3.0003	3.25	113.03	7.6	8.4	8.5	2.48	1.7	2.8	4.1	5.5	3.3
2008-07	1-3	3.4	1.5	3.00	3.0195	3.27	116.64	7.4	8.3	8.3	2.56	1.7	2.6	3.2	4.6	3.8
2008-06	1-3	3.1	1.5	3.00	2.9915	3.21	116.46	7.9	9.0	8.7	2.60	1.7	2.6	2.8	4.0	4.2
2008-05	1-3	2.2	1.5	3.00	2.9988	3.11	118.43	8.2	9.2	8.8	2.55	1.7	2.2	3.9	1.2	4.6
2008-04	1-3	1.7	1.5	3.00	3.0298	3.25	116.50	6.7	8.6	8.5	2.36	1.7	2.0	2.6	-0.2	4.1
2008-03	1-3	1.4	1.3	3.50	3.4585	3.57	117.90	7.1	8.7	8.6	2.29	1.6	1.8	1.9	-2.1	4.6
2008-02	1-3	1.8	1.5	4.00	3.9994	3.84	119.44	7.0	8.3	8.7	2.24	1.8	2.1	3.8	-1.7	4.6
2008-01	1-3	2.2	1.4	4.00	4.0060	3.95	118.30	7.3	8.2	8.7	2.21	1.9	2.1	2.8	-1.0	4.9
2007-12	1-3	2.4	1.5	4.25	4.2597	4.80	119.67	6.7	7.7	8.7	2.19	1.7	2.0	3.1	-1.5	4.9
2007-11	1-3	2.5	1.6	4.50	4.5105	4.84	123.93	6.6	7.7	8.2	2.09	1.8	2.0	1.6	-1.7	4.1
2007-10	1-3	2.4	1.8	4.50	4.5086	4.70	123.33	7.3	8.3	8.5	2.33	1.9	2.1	2.4	-2.0	4.2
2007-09	1-3	2.5	2.0	4.50	4.4637	5.03	117.51	9.5	10.1	9.1	2.35	2.1	2.2	1.7	-0.3	4.0
2007-08	1-3	1.7	2.2	4.50	4.4158	5.09	114.36	9.7	10.3	9.2	2.29	2.2	2.1	2.3	-1.1	3.8
2007-07	1-3	2.2	2.3	4.50	4.5041	4.70	115.19	9.4	9.9	9.4	2.40	2.4	2.3	3.0	-1.8	3.4
2007-06	1-3	2.2	2.5	4.25	4.2536	4.58	114.05	9.2	9.7	9.1	2.41	2.7	2.4	3.6	0.1	3.2
2007-05	1-3	2.2	2.2	4.25	4.2352	4.43	110.85	8.5	9.0	8.9	2.37	2.4	2.3	3.4	1.5	2.7
2007-04	1-3	2.2	2.5	4.25	4.2471	4.35	106.88	8.9	8.4	8.7	2.44	2.5	2.5	5.3	1.0	2.6
2007-03	1-3	2.3	2.3	4.25	4.2432	4.35	104.06	8.8	8.3	8.6	2.44	2.4	2.3	2.7	2.2	2.0
2007-02	1-3	2.0	2.3	4.25	4.2504	4.35	104.06	8.5	7.9	8.5	2.34	2.4	2.3	4.2	2.1	2.7
2007-01	1-3	1.1	2.3	4.25	4.2447	4.33	103.69	9.1	8.5	8.5	2.43	2.3	2.0	5.1	0.5	2.0
2006-12	1-3	1.7	2.1	4.25	4.2482	4.33	105.36	9.6	8.5	8.3	2.37	2.1	2.0	4.0	0.8	2.3
2006-11	1-3	1.4	2.2	4.25	4.2476	4.30	107.33	9.4	8.2	7.9	2.39	2.1	2.1	5.2	-0.5	2.9
2006-10	1-3	1.0	2.4	4.25	4.2335	4.34	108.39	8.6	7.3	7.5	2.46	2.4	2.0	4.0	-1.9	3.2
2006-09	1-3	0.7	2.3	4.25	4.2465	4.30	109.51	8.7	7.5	7.5	2.41	2.2	1.8	4.3	-3.0	3.4
2006-08	1-3	2.1	2.0	4.25	4.2427	4.34	109.05	9.1	7.8	7.4	2.59	2.0	2.0	4.5	-1.0	3.9
2006-07	1-3	2.3	2.0	4.25	4.2442	4.35	108.31	8.4	7.4	7.2	2.65	1.9	2.0	3.3	0.4	4.1
2006-06	1-3	2.4	1.7	4.25	4.2455	4.51	109.84	7.1	6.5	6.7	2.77	1.4	1.8	4.2	-1.0	3.8
2006-05	1-3	2.8	2.0	4.25	4.2126	4.33	109.85	7.0	6.5	6.6	2.67	1.8	2.0	4.0	-1.3	4.1
2006-04	1-3	2.4	1.6	4.00	3.8182	4.19	107.38	6.7	7.0	6.7	2.78	1.7	1.7	2.8	-0.1	3.2
2006-03	1-3	2.2	1.7	3.75	3.7269	4.00	106.32	6.7	6.9	6.6	2.64	1.4	1.8	5.6	0.2	3.2
2006-02	1-3	2.2	1.7	3.50	3.4765	3.80	107.11	6.5	6.9	6.3	2.71	1.3	1.8	3.1	-1.0	3.3
2006-01	1-3	2.8	1.6	3.50	3.2961	3.67	106.05	5.9	6.5	6.2	2.66	1.4	2.0	3.2	0.7	3.2
2005-12	1-3	2.1	1.5	3.25	3.2437	3.52	106.11	6.1	7.2	6.3	2.58	1.3	1.7	2.8	1.0	3.7
2005-11	1-3	2.0	1.5	3.00	2.9883	3.37	104.42	7.0	7.8	6.1	2.53	1.4	1.7	3.5	1.6	3.5
2005-10	1-3	2.6	1.7	3.00	2.9873	3.14	104.39	6.5	7.3	5.9	2.67	1.4	1.9	3.1	0.7	3.7
2005-09	1-3	3.2	1.7	2.75	2.7421	2.98	103.90	6.2	6.8	5.7	2.57	1.5	2.2	2.7	1.0	3.6
2005-08	1-3	2.6	1.7	2.50	2.4882	2.83	101.53	5.0	5.7	5.2	2.39	1.5	2.0	2.6	0.0	3.5
2005-07	1-3	2.0	1.3	2.50	2.4922	2.64	100.41	5.3	5.8	5.1	2.38	1.1	1.7	3.1	-0.7	3.1
2005-06	1-3	1.7	1.5	2.50	2.4936	2.58	98.73	5.9	6.2	5.2	2.42	1.4	1.7	2.6	-1.7	2.8
2005-05	1-3	1.6	1.6	2.50	2.4866	2.59	97.01	6.3	6.8	5.2	2.60	1.2	1.6	1.9	-2.4	2.3
2005-04	1-3	2.4	1.6	2.50	2.4954	2.58	98.39	7.1	7.8	5.2	2.67	1.1	1.8	2.6	-0.5	3.1
2005-03	1-3	2.3	1.8	2.50	2.4794	2.68	99.74	7.8	8.7	5.3	2.69	1.5	1.9	3.5	-0.8	3.1
2005-02	1-3	2.1	1.7	2.50	2.4971	2.57	97.95	8.0	9.3	5.3	2.69	1.4	1.7	2.0	-0.5	2.5
2005-01	1-3	1.9	1.7	2.50	2.4980	2.56	99.08	8.5	9.9	5.3	2.71	1.1	1.6	1.8	0.0	3.0
2004-12	1-3	2.1	1.8	2.50	2.4999	2.57	99.18	8.8	10.3	5.5	2.81	1.3	1.7	3.1	-0.7	2.7
2004-11	1-3	2.4	1.7	2.50	2.4977	2.74	101.63	7.7	9.5	5.0	2.73	1.2	1.8	2.6	-0.6	3.0
2004-10	1-3	2.3	1.4	2.50	2.4960	2.60	98.11	8.7	10.5	5.2	2.72	0.9	1.7	2.8	0.5	2.1
2004-09	1-3	1.8	1.5	2.25	2.2496	2.50	95.28	8.1	10.4	5.1	2.72	1.0	1.6	3.6	-0.3	1.9
2004-08	1-3	1.8	1.6	2.00	1.9979	2.22	93.48	8.3	10.7	5.2	2.93	1.0	1.6	2.2	-0.2	2.0
2004-07	1-3	2.3	1.9	2.00	1.9973	2.12	92.66	9.2	11.7	5.4	2.98	1.4	1.8	1.3	0.5	2.3
2004-06	1-3	2.5	1.7	2.00	2.0005	2.10	90.36	10.9	13.1	5.7	2.96	1.3	1.8	3.3	3.3	3.3
2004-05	1-3	2.4	1.5	2.00	1.9985	2.07	89.31	11.3	13.2	5.7	3.00	1.2	1.8	2.9	3.1	2.8
2004-04	1-3	1.7	1.8	2.00	1.9959	2.05	91.48	10.2	12.1	5.5	2.85	1.2	1.7	2.7	-1.5	3.0
2004-03	1-3	0.8	1.3	2.25	2.2482	2.10	92.13	8.7	10.6	5.1	2.65	1.1	1.2	2.4	-3.7	2.8
2004-02	1-3	0.7	1.2	2.50	2.4953	2.25	91.69	8.3	9.8	4.8	2.53	1.0	1.2	2.8	-4.8	2.6
2004-01	1-3	1.3	1.5	2.50	2.4951	2.37	94.08	6.9	8.5	4.2	2.66	1.5	1.5	2.2	-5.7	2.9
2003-12	1-3	2.1	2.1	2.75	2.7481	2.66	93.34	6.0	7.7	3.9	2.41	1.6	2.1	1.5	-5.8	2.7
2003-11	1-3	1.6	1.8	2.75	2.7481	2.73	93.91	5.2	6.9	3.5	2.38	1.8	1.7	1.4	-6.4	2.3
2003-10	1-3	1.6	1.8	2.75	2.7492	2.71	93.29	4.5	6.2	3.3	2.38	1.8	1.7	2.2	-6.0	2.7
2003-09	1-3	2.2	1.7	2.75	2.7490	2.64	90.98	5.3	6.7	3.5	2.15	1.9	1.9	1.9	-4.0	2.7
2003-08	1-3	2.0	1.5	3.00	2.9972	2.80	89.15	5.8	6.8	3.6	2.29	1.7	1.7	2.8	-2.6	2.3
2003-07	1-3	2.1	1.9	3.00	2.9947	2.89	89.86	5.9	6.7	3.7	2.25	1.8	1.9	4.6	-2.3	2.1
2003-06	1-3	2.6	2.1	3.25	3.2449	3.11	91.43	4.5	5.3	3.4	2.04	2.1	2.0	2.3	-4.0	1.2
2003-05	1-3	2.8	2.4	3.25	3.2416	3.27	89.39	4.5	5.4	3.3	2.12	2.5	2.2	2.6	-3.1	1.8
2003-04	1-3	2.9	2.1	3.25	3.2373	3.35	85.57	4.2	5.1	3.1	2.28	2.7	2.1	3.4	-1.7	1.1
2003-03	1-3	4.2	2.8	3.00	2.9920	3.28	84.60	4.3	5.5	3.3	2.50	3.1	2.7	2.5	-0.1	1.4
2003-02	1-3	4.7	3.0	2.75	2.7469	2.97	82.58	5.0	6.2	3.4	2.40	3.3	2.9	2.6	1.1	1.8
2003-01	1-3	4.5	3.3	2.75	2.7439	2.91	80.96	5.7	7.2	3.8	2.27	3.4	2.8	2.4	0.9	1.8
2002-12	1-3	3.8	2.8	2.75	2.7439	2.83	80.50	6.3	8.0	4.2	2.09	3.3	2.4	2.0	2.0	1.7
2002-11	1-3	4.4	3.2	2.75	2.7431	2.85	79.98	8.6	10.2	4.8	2.15	3.1	2.9	2.5	1.7	2.3
2002-10	1-3	3.2	2.5	2.75	2.7449	2.83	79.84	10.5	12.4	5.4	2.18	2.5	2.4	1.5	2.1	2.6
2002-09	1-3	2.3	2.5	2.75	2.7447	2.90	79.90	9.9	12.6	5.7	2.18	2.2	2.3	1.2	0.9	2.7
2002-08	1-3	2.5	2.4	2.75	2.7448	3.09	80.14	12.0	15.0	6.4	2.18	2.3	2.3	1.4	1.3	2.7
2002-07	1-3	2.1	2.0	2.75	2.7418	2.88	81.22	11.1	14.5	6.2	2.28	2.1	2.0	0.6	0.5	2.5
2002-06	1-3	1.2	2.1	2.50	2.4964	2.78	82.47	11.6	15.3	6.5	2.32	2.1	1.9	1.0	0.6	2.5
2002-05	1-3	1.1	2.1	2.25	2.2471	2.68	81.92	10.0	14.1	6.4	2.24	2.0	1.9	1.5	-0.3	2.1
2002-04	1-3	1.7	2.3	2.25	2.2440	2.46	80.59	11.5	15.2	6.7	2.29	1.9	2.1	0.5	0.6	2.7
2002-03	1-3	1.9	2.2	2.00	1.9933	2.36	80.38	12.5	15.7	7.1	2.30	1.7	2.1	1.1	1.1	3.2
2002-02	1-3	1.4	2.3	2.00	1.9926	2.16	80.09	12.4	15.4	7.3	1.96	1.4	2.1	1.0	1.5	3.3
2002-01	1-3	1.3	1.9	2.00	1.9923	2.07	79.75	13.2	15.5	7.8	1.95	1.3	1.9	2.0	2.1	3.4

NOTE: The C-6 index and the Monetary Conditions Index were discontinued effective 31 December 2006.

1. Core CPI: Prior to May 2001, the core measure was the CPI excluding food, energy, and the effect of changes in indirect taxes. It is now the CPI excluding eight of the most volatile components (fruit, vegetables, gasoline, fuel oil, natural gas, mortgage interest, intercity transportation, and tobacco products), as well as the effect of changes in indirect taxes on the remaining components.[←]
2. The CERI replaces the C-6 as the Bank of Canada's new measure of the value of the Canadian dollar vis-à-vis the currencies of its most important trading partners (October 2006). These CERI values are monthly averages of daily values.[←]
3. The monetary aggregates were affected by conversion to International Financial Reporting Standards (IFRS). The most significant effect relates to the chartered banks’ reclassification of deposit liabilities to other liabilities, which resulted in decreases in deposit liabilities, and therefore historical continuity adjustments were applied to the monetary aggregates for the period February 1998 to October 2011.[←]