July 12, 2023
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
April 12, 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.
Monetary Policy Report – April 2023
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Monetary Policy Report
January 25, 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.
Monetary Policy Report – January 2023
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Monetary Policy Report
October 26, 2022
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.
Monetary Policy Report – October 2022
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Monetary Policy Report
July 13, 2022
The Canadian economy is now clearly in excess demand, and inflation is high and broadening. The Bank is projecting inflation to decline to about 3% by the end of 2023, and to return to the 2% target by the end of 2024.
Monetary Policy Report – July 2022
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Monetary Policy Report
April 13, 2022
Canadian economic activity remains strong, and employment is robust. The Bank is forecasting growth of about 4¼% in 2022, easing to 3¼% in 2023.
Monetary Policy Report – April 2022
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Monetary Policy Report
January 26, 2022
The Canadian economy entered 2022 in a strong position. The Bank is forecasting growth of 4% in 2022 and about 3½ % in 2023.
Monetary Policy Report – January 2022
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Monetary Policy Report
October 27, 2021
The Canadian economy is once again growing robustly, and the recovery from COVID-19 continues. The Bank is forecasting growth of around 5 percent in 2021, 4 ¼ percent in 2022 and 3 ¾ percent in 2023.
Monetary Policy Report – October 2021
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Monetary Policy Report
July 14, 2021
As the economy reopens after the third wave of COVID-19, growth should rebound strongly. The Bank is forecasting growth of about 6 percent this year, slowing to about 4 ½ percent in 2022 and 3 ¼ percent in 2023.
Monetary Policy Report – July 2021
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Monetary Policy Report
April 21, 2021
As the economy recovers from the COVID-19 pandemic, the Bank is forecasting growth of around 6 ½ percent this year, slowing to about 3 ¾ percent in 2022 and 3 ¼ percent in 2023.
Monetary Policy Report – April 2021
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Publications,
Monetary Policy Report