Agreement on the Inflation-Control Target

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 2016 to the end of 2021.

 

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

Letter from the Governor to the Minister of Finance regarding the Renewal of the Inflation-Control Target – Dated 21 September 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.
October 24, 2016

Renewal of the Inflation-Control Target (October 2016)

Commentary and technical data relating to the 2016 target renewal.
August 31, 2017

Renewing Canada’s Inflation-Control Agreement – 2011-2016 Research Priorities

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.

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

Renewal of the Inflation-Control Target (November 2011)

Commentary and technical data relating to the 2011 target renewal.

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

Renewal of the Inflation-Control Target (November 2006)

Commentary and technical data relating to the 2006 target renewal.

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

Renewal of the Inflation-Control Target (May 2001)

Commentary relating to the 2001 target renewal.
May 1, 2001

Technical Background Document 1

Technical data relating to the 2001 target renewal.
May 1, 2001

Technical Background Document 2

Technical data relating to the 2001 target renewal.

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

Statement of the Government of Canada and the Bank of Canada on Monetary Policy Objectives

December 1993 statement announcing the renewal of the agreement.
Content Type(s): Press, Press Releases

1991

February 26, 1991

Targets for Reducing Inflation

March 1991 statement announcing the renewal of the agreement.
Content Type(s): Press, Press Releases