Monetary Policy Report

April 16, 2025
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.

Content Type(s): Publications, Monetary Policy Report
January 29, 2025
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.

Content Type(s): Publications, Monetary Policy Report
October 23, 2024
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.

Content Type(s): Publications, Monetary Policy Report
July 24, 2024
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.

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

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
January 24, 2024
Monetary Policy Report – January 2024

Interest rates are working to moderate spending and inflation is easing gradually, though underlying pressures are proving persistent. The Bank projects that inflation will stay around 3% through the first half of 2024, returning to target in 2025.

Content Type(s): Publications, Monetary Policy Report
October 25, 2023
Monetary Policy Report – October 2023

Higher interest rates are working to ease price pressures in Canada and inflation is coming down, though progress to the 2% target is slow. The Bank projects that inflation will stay around 3½% until the middle of 2024, returning to target in 2025.

Content Type(s): Publications, Monetary Policy Report
July 12, 2023
Monetary Policy Report – July 2023

Inflation in Canada and around the world has been coming down. The Bank projects that inflation will stay around 3% for the next year, returning to the 2% target by the middle of 2025.

Content Type(s): Publications, Monetary Policy Report
April 12, 2023
Monetary Policy Report – April 2023

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

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