Summary of Key Monetary Policy Variables

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Date	Inflation-control target		Inflation indicators						Monetary conditions	Monetary aggregates 1			Policy instrument
	Target range	Total CPI	Preferred measures of core inflation			Average Hourly Earnings (LFS)	Average Hourly Earnings (SEPH)	Yield spread between convent. and Real Return bonds	Nominal Canadian Effective Exchange Rate (CEER) (1999=100)	M1+ (gross)	M1++ (gross)	M2++ (gross)	Overnight rate target (end of month)	Overnight rate
			CPI-trim	CPI-median	CPI-common
		12-month growth rate								12-month growth rate

	1	2	3	4	5	6	7	8	9	10	11	12	13	14
2019-08	--	--	--	--	--	3.7	--	1.22	116.94	--	--	--	1.75	1.7481
2019-07	1-3	2.0	2.1	2.1	1.9	4.5	--	1.38	117.36	5.9	5.8	6.0	1.75	1.7469
2019-06	1-3	2.0	2.1	2.1	1.8	3.8	3.3	1.37	115.80	4.8	5.1	5.8	1.75	1.7429
2019-05	1-3	2.4	2.3	2.2	1.8	2.8	4.3	1.38	114.49	5.1	5.2	5.8	1.75	1.7450
2019-04	1-3	2.0	2.0	2.0	1.8	2.5	2.3	1.48	114.59	4.0	4.2	5.6	1.75	1.7459
2019-03	1-3	1.9	2.1	2.1	1.8	2.4	2.1	1.44	114.59	3.6	3.5	5.2	1.75	1.7461
2019-02	1-3	1.5	2.0	2.0	1.8	2.3	1.3	1.47	115.88	3.7	3.4	5.0	1.75	1.7455
2019-01	1-3	1.4	2.0	1.9	1.9	2.0	2.2	1.45	115.02	4.3	3.5	5.0	1.75	1.7462
2018-12	1-3	2.0	1.9	1.8	1.9	2.0	2.9	1.40	114.95	4.6	3.7	5.0	1.75	1.7516
2018-11	1-3	1.7	2.0	1.8	1.9	1.7	2.7	1.57	117.15	4.7	3.9	5.0	1.75	1.7473
2018-10	1-3	2.4	2.2	1.9	1.9	2.2	3.1	1.71	118.13	4.2	3.5	5.0	1.75	1.7476
2018-09	1-3	2.2	2.1	1.9	1.9	2.4	2.1	1.76	117.47	4.6	3.4	5.1	1.50	1.4979
2018-08	1-3	2.8	2.2	2.0	1.9	2.9	3.2	1.72	117.32	4.2	3.1	5.2	1.50	1.4961
2018-07	1-3	3.0	2.1	2.0	1.9	3.2	2.3	1.69	115.99	3.8	2.8	4.9	1.50	1.4948
2018-06	1-3	2.5	2.0	1.9	1.9	3.6	2.4	1.73	115.82	4.0	2.8	4.8	1.25	1.2464
2018-05	1-3	2.2	1.9	1.9	1.9	3.9	2.3	1.74	117.13	3.8	2.8	4.8	1.25	1.2434
2018-04	1-3	2.2	2.0	1.9	1.9	3.6	2.0	1.75	116.59	5.3	4.2	5.4	1.25	1.2461
2018-03	1-3	2.3	2.0	1.9	1.9	3.3	2.1	1.70	114.71	6.4	5.2	5.8	1.25	1.2457
2018-02	1-3	2.2	2.0	1.9	1.9	3.1	2.7	1.78	117.93	6.8	5.7	6.0	1.25	1.2367
2018-01	1-3	1.7	1.8	1.8	1.8	3.3	2.9	1.76	120.11	6.0	5.3	5.8	1.25	1.2461
2017-12	1-3	1.9	1.8	1.8	1.6	2.7	1.8	1.68	118.30	7.6	6.3	6.3	1.00	0.9970
2017-11	1-3	2.1	1.7	1.8	1.5	2.8	2.2	1.63	118.43	7.5	6.1	6.0	1.00	0.9916
2017-10	1-3	1.4	1.5	1.7	1.6	2.4	2.0	1.62	119.97	8.0	6.9	6.3	1.00	0.9955
2017-09	1-3	1.6	1.5	1.7	1.5	2.2	3.5	1.66	121.96	8.4	7.3	6.4	1.00	0.9941
2017-08	1-3	1.4	1.5	1.7	1.5	1.8	1.3	1.57	119.21	9.3	8.3	6.7	0.75	0.7473
2017-07	1-3	1.2	1.4	1.7	1.4	1.3	1.4	1.61	119.23	10.0	9.1	7.1	0.75	0.7414
2017-06	1-3	1.0	1.3	1.5	1.4	1.3	2.6	1.48	114.47	11.6	10.6	7.9	0.50	0.4941
2017-05	1-3	1.3	1.3	1.5	1.3	1.3	1.9	1.56	112.62	11.5	10.8	8.0	0.50	0.4886
2017-04	1-3	1.6	1.4	1.6	1.3	0.7	2.9	1.59	114.37	11.0	10.4	7.8	0.50	0.4953
2017-03	1-3	1.6	1.4	1.6	1.3	1.1	1.7	1.62	115.36	9.9	9.7	7.7	0.50	0.5003
2017-02	1-3	2.0	1.6	1.8	1.3	1.3	2.6	1.72	118.32	9.2	9.4	7.6	0.50	0.4887
2017-01	1-3	2.1	1.7	1.8	1.3	1.2	2.1	1.75	118.52	10.3	10.1	7.9	0.50	0.4885
2016-12	1-3	1.5	1.6	1.8	1.4	1.6	2.5	1.76	117.26	9.8	9.7	7.5	0.50	0.4936
2016-11	1-3	1.2	1.7	1.9	1.3	1.4	1.8	1.81	115.12	9.5	9.6	8.0	0.50	0.4893
2016-10	1-3	1.5	1.8	2.0	1.4	1.8	1.5	1.57	115.09	9.2	9.2	8.0	0.50	0.4883
2016-09	1-3	1.3	1.9	2.0	1.5	1.4	1.1	1.46	115.81	8.6	8.5	7.7	0.50	0.4969
2016-08	1-3	1.1	1.9	2.0	1.5	1.5	2.1	1.41	116.30	8.3	8.4	7.7	0.50	0.4926
2016-07	1-3	1.3	2.0	2.1	1.6	1.8	1.8	1.36	116.48	8.4	8.6	7.7	0.50	0.5078
2016-06	1-3	1.5	2.1	2.2	1.6	2.0	0.6	1.40	117.51	8.0	8.2	7.5	0.50	0.5035
2016-05	1-3	1.5	2.0	2.2	1.7	1.9	1.7	1.54	116.80	8.4	8.6	7.5	0.50	0.4974
2016-04	1-3	1.7	2.0	2.2	1.7	2.9	0.5	1.60	117.27	8.1	8.3	7.3	0.50	0.5005
2016-03	1-3	1.3	1.9	2.1	1.7	3.2	1.1	1.51	114.54	8.5	8.7	7.4	0.50	0.4981
2016-02	1-3	1.4	1.8	2.1	1.7	3.2	0.2	1.33	110.81	8.8	8.8	7.5	0.50	0.4991
2016-01	1-3	2.0	1.8	2.0	1.7	2.8	0.8	1.37	107.84	9.0	9.0	7.6	0.50	0.5153
2015-12	1-3	1.6	1.8	2.0	1.7	2.9	1.2	1.49	110.87	8.3	8.4	7.6	0.50	0.5242
2015-11	1-3	1.4	1.8	1.9	1.8	3.4	1.5	1.54	114.12	8.6	8.6	7.6	0.50	0.4967
2015-10	1-3	1.0	1.7	1.8	1.7	3.1	1.6	1.46	114.97	8.2	8.2	7.4	0.50	0.4991
2015-09	1-3	1.0	1.6	1.7	1.6	3.0	1.3	1.52	113.66	8.9	8.7	7.6	0.50	0.5002
2015-08	1-3	1.3	1.6	1.8	1.7	3.4	1.1	1.42	114.30	8.9	8.7	7.6	0.50	0.5026
2015-07	1-3	1.3	1.6	1.7	1.6	3.4	1.0	1.72	115.91	8.8	8.5	7.7	0.50	0.5019
2015-06	1-3	1.0	1.4	1.6	1.6	3.0	1.9	1.77	119.70	7.6	7.7	7.3	0.75	0.7464
2015-05	1-3	0.9	1.5	1.6	1.6	3.1	1.5	1.72	121.18	7.1	7.1	7.2	0.75	0.7270
2015-04	1-3	0.8	1.4	1.4	1.6	2.3	2.2	1.81	120.13	7.5	7.2	7.4	0.75	0.7473
2015-03	1-3	1.2	1.6	1.6	1.6	2.0	2.9	1.82	117.71	6.8	6.7	7.3	0.75	0.7558
2015-02	1-3	1.0	1.6	1.6	1.7	1.8	3.4	1.82	117.47	6.7	6.5	7.3	0.75	0.7595
2015-01	1-3	1.0	1.7	1.7	1.7	2.0	2.4	1.70	120.41	5.8	5.9	6.9	0.75	0.7502
2014-12	1-3	1.5	1.7	1.7	1.7	1.8	2.1	1.71	125.36	6.9	6.4	7.1	1.00	1.0114
2014-11	1-3	2.0	1.7	1.7	1.7	1.2	1.5	1.87	126.19	7.1	6.7	6.9	1.00	1.0000
2014-10	1-3	2.4	1.7	1.7	1.6	1.2	2.3	1.91	126.30	8.1	7.5	7.2	1.00	1.0024
2014-09	1-3	2.0	1.7	1.7	1.6	2.0	3.0	1.98	127.81	7.8	7.4	7.2	1.00	0.9979
2014-08	1-3	2.1	1.7	1.6	1.5	2.1	2.9	1.97	127.70	7.3	6.8	6.9	1.00	0.9976
2014-07	1-3	2.1	1.6	1.6	1.6	2.3	3.5	2.07	129.46	7.2	6.9	6.7	1.00	0.9990
2014-06	1-3	2.4	1.8	1.7	1.6	1.6	2.3	2.04	128.41	7.3	6.8	6.6	1.00	0.9988
2014-05	1-3	2.3	1.8	1.7	1.5	1.3	2.2	2.00	127.46	7.5	7.3	6.6	1.00	0.9978
2014-04	1-3	2.0	1.6	1.7	1.5	1.9	2.6	2.01	126.45	6.7	6.8	6.2	1.00	0.9978
2014-03	1-3	1.5	1.5	1.6	1.5	2.0	2.0	2.06	125.30	7.2	7.3	6.3	1.00	0.9980
2014-02	1-3	1.1	1.3	1.5	1.4	2.2	1.3	2.00	126.06	7.7	8.1	6.4	1.00	0.9945
2014-01	1-3	1.5	1.5	1.6	1.5	2.2	2.5	1.95	127.43	9.9	9.2	6.8	1.00	0.9993
2013-12	1-3	1.2	1.4	1.5	1.5	2.3	1.8	1.98	130.69	9.2	9.1	6.8	1.00	1.0012
2013-11	1-3	0.9	1.2	1.5	1.5	2.5	2.9	1.96	132.59	8.9	8.6	6.5	1.00	0.9997
2013-10	1-3	0.7	1.2	1.6	1.5	2.1	2.3	1.97	133.62	8.7	8.6	6.4	1.00	0.9994
2013-09	1-3	1.1	1.2	1.7	1.6	2.2	1.2	1.93	134.76	8.1	8.2	6.6	1.00	0.9948
2013-08	1-3	1.1	1.1	1.7	1.5	1.7	1.8	1.99	134.06	7.4	7.9	6.5	1.00	0.9978
2013-07	1-3	1.3	1.3	1.7	1.6	1.5	0.7	1.95	134.33	6.8	7.2	6.4	1.00	0.9998
2013-06	1-3	1.2	1.3	1.7	1.5	2.4	2.6	1.84	135.04	7.0	7.7	6.6	1.00	1.0067
2013-05	1-3	0.7	1.1	1.6	1.6	2.6	2.3	1.97	136.11	7.4	8.1	6.9	1.00	1.0063
2013-04	1-3	0.4	1.0	1.5	1.6	2.6	1.6	1.96	135.84	8.7	9.0	7.4	1.00	1.0036
2013-03	1-3	1.0	1.2	1.6	1.6	2.2	1.8	2.01	135.26	9.6	9.3	7.4	1.00	1.0065
2013-02	1-3	1.2	1.2	1.7	1.6	2.2	2.7	2.01	136.68	8.8	8.8	7.1	1.00	1.0072
2013-01	1-3	0.5	1.0	1.5	1.6	2.1	1.2	2.03	138.70	7.0	7.3	6.5	1.00	1.0048
2012-12	1-3	0.8	1.2	1.7	1.7	2.5	2.1	1.99	139.13	8.3	7.6	6.4	1.00	0.9982
2012-11	1-3	0.8	1.2	1.6	1.7	2.5	1.9	1.96	138.47	8.2	7.9	6.5	1.00	0.9985
2012-10	1-3	1.2	1.3	1.7	1.7	3.6	1.6	2.00	139.35	7.2	7.6	6.3	1.00	1.0024
2012-09	1-3	1.2	1.4	1.6	1.7	3.3	3.1	1.98	140.91	8.2	8.7	6.3	1.00	0.9991
2012-08	1-3	1.2	1.5	1.7	1.7	3.6	2.5	1.97	140.15	10.9	11.0	7.0	1.00	0.9990
2012-07	1-3	1.3	1.5	1.6	1.7	3.7	3.1	1.89	137.68	11.3	11.5	7.0	1.00	0.9974
2012-06	1-3	1.5	1.5	1.6	1.7	3.3	1.6	1.90	136.05	11.3	10.9	6.7	1.00	0.9984
2012-05	1-3	1.2	1.6	1.7	1.7	2.7	2.0	1.96	137.57	11.2	10.6	6.4	1.00	1.0000
2012-04	1-3	2.0	2.0	2.0	1.8	2.6	2.3	2.06	138.63	10.5	10.2	6.2	1.00	1.0079
2012-03	1-3	1.9	1.9	1.9	1.8	2.7	2.3	2.15	138.13	9.4	9.5	6.0	1.00	0.9980
2012-02	1-3	2.6	2.2	2.1	2.0	2.3	1.7	2.16	137.10	9.4	9.8	6.1	1.00	0.9978
2012-01	1-3	2.5	2.1	2.0	1.9	2.4	1.8	2.11	136.10	9.7	10.8	6.5	1.00	0.9987
2011-12	1-3	2.3	1.9	1.9	1.9	2.2	2.7	2.03	135.01	8.4	10.2	6.3	1.00	0.9998
2011-11	1-3	2.9	2.1	2.1	1.9	2.1	2.1	2.08	133.98	8.8	10.4	6.2	1.00	0.9983
2011-10	1-3	2.9	2.0	1.9	1.8	1.5	2.5	2.17	134.21	9.2	10.1	6.0	1.00	0.9993
2011-09	1-3	3.2	2.1	2.0	1.9	1.4	0.6	1.95	136.04	8.8	9.4	5.8	1.00	0.9989
2011-08	1-3	3.1	2.0	2.1	1.9	1.7	1.9	2.22	136.60	7.1	7.9	5.2	1.00	0.9977
2011-07	1-3	2.7	1.8	1.9	1.8	1.8	2.6	2.51	140.37	6.7	7.4	5.1	1.00	0.9986
2011-06	1-3	3.1	1.8	2.0	1.8	2.0	2.6	2.49	137.61	6.7	7.3	5.1	1.00	0.9981
2011-05	1-3	3.7	1.8	2.0	1.8	1.9	2.6	2.51	138.93	6.0	7.3	5.1	1.00	0.9967
2011-04	1-3	3.3	1.6	1.8	1.8	2.4	3.1	2.69	140.52	7.1	8.0	5.2	1.00	0.9970
2011-03	1-3	3.3	1.6	1.8	1.8	2.4	2.7	2.59	139.04	7.7	8.5	5.2	1.00	0.9944
2011-02	1-3	2.2	1.1	1.4	1.6	2.5	2.6	2.44	138.21	7.7	8.3	4.9	1.00	0.9934
2011-01	1-3	2.3	1.3	1.6	1.6	2.0	3.6	2.40	137.97	8.5	9.1	4.9	1.00	0.9937
2010-12	1-3	2.4	1.4	1.6	1.6	2.0	2.2	2.42	136.84	8.5	9.0	4.7	1.00	0.9924
2010-11	1-3	2.0	1.2	1.5	1.5	2.3	3.0	2.35	135.51	8.3	8.9	4.5	1.00	0.9997
2010-10	1-3	2.4	1.4	1.7	1.5	1.5	2.9	2.33	134.45	9.3	9.7	4.7	1.00	0.9969
2010-09	1-3	1.9	1.3	1.6	1.5	2.1	3.5	2.16	134.56	9.9	10.8	4.7	1.00	0.9976
2010-08	1-3	1.7	1.2	1.6	1.7	2.1	4.3	2.07	134.27	9.9	11.4	4.6	0.75	0.7481
2010-07	1-3	1.8	1.3	1.6	1.7	1.8	3.1	2.22	134.67	11.5	13.0	4.8	0.75	0.7400
2010-06	1-3	1.0	1.1	1.5	1.6	1.8	2.9	2.23	136.78	12.7	14.7	5.0	0.50	0.4928
2010-05	1-3	1.4	1.2	1.6	1.6	2.4	2.9	2.24	136.05	13.0	15.4	4.9	0.25	0.2437
2010-04	1-3	1.8	1.3	1.7	1.7	2.0	2.3	2.50	138.69	12.3	15.4	4.8	0.25	0.2480
2010-03	1-3	1.4	1.1	1.5	1.7	2.1	2.7	2.51	136.38	13.1	16.4	5.2	0.25	0.2443
2010-02	1-3	1.6	1.3	1.7	1.8	2.4	2.9	2.46	132.29	13.6	17.4	5.7	0.25	0.2476
2010-01	1-3	1.9	1.3	1.7	1.9	1.8	2.7	2.41	132.94	12.2	17.0	5.7	0.25	0.2442
2009-12	1-3	1.3	1.3	1.7	2.0	2.4	3.0	2.55	131.17	12.1	18.7	6.6	0.25	0.2455
2009-11	1-3	1.0	1.4	1.8	2.1	2.1	3.1	2.29	130.07	12.8	19.9	7.5	0.25	0.2435
2009-10	1-3	0.1	1.4	1.7	2.2	3.3	3.5	2.33	131.11	12.9	20.5	8.3	0.25	0.2403
2009-09	1-3	-0.9	1.3	1.7	2.2	2.7	4.4	2.10	128.70	13.0	19.9	8.4	0.25	0.2417
2009-08	1-3	-0.8	1.5	1.7	2.2	2.8	2.5	2.08	128.51	13.7	20.0	8.6	0.25	0.2425
2009-07	1-3	-0.9	1.6	1.9	2.4	3.5	3.1	2.16	125.36	12.7	18.8	8.6	0.25	0.2417
2009-06	1-3	-0.3	1.9	2.1	2.5	3.5	3.7	2.00	125.13	11.3	16.9	8.5	0.25	0.2412
2009-05	1-3	0.1	2.0	2.2	2.6	3.1	3.5	1.85	123.20	11.3	16.3	8.8	0.25	0.2432
2009-04	1-3	0.4	2.0	2.2	2.7	4.0	3.4	1.81	117.39	12.4	15.9	9.0	0.25	0.2480
2009-03	1-3	1.2	2.4	2.5	2.7	4.2	3.2	1.74	115.05	11.6	15.3	9.1	0.50	0.4883
2009-02	1-3	1.4	2.4	2.5	2.7	3.8	3.6	1.50	116.65	11.5	15.3	9.1	1.00	0.9978
2009-01	1-3	1.1	2.4	2.5	2.7	4.9	3.9	1.46	117.03	11.8	14.4	9.2	1.00	1.0044

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. [←]

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