Let's Talk Inflation

Learn more about why we’re consulting and what’s next.

Why we’re consulting with Canadians

Senior Deputy Governor Carolyn Wilkins explains why it’s important for the Bank to hear from Canadians.

Every five years, the Bank of Canada and the federal government agree on the Bank’s approach to monetary policy. Each time the agreement is renewed, we look at how we might improve our approach. The current review has three priorities:

  • Compare our current approach to potential alternatives
  • Ensure we have the right tools to do the job
  • Assess how our approach works with fiscal and financial stability policies

So, as we review our current approach against other possible options, we’re using a survey to help us capture your thoughts.

We held an online survey in 2020 where over 8,000 Canadians from across the country participated and shared their views with us about what matters to them.

For organizations or industry associations

We are actively seeking and accepting formal submissions, including official letters or papers.

Specifically, we want your feedback on the monetary policy issues you think we should consider, including:

  • your evaluation of the different frameworks;
  • your views on our toolkit; and
  • your views on how our approach works with our fiscal and financial stability policies.

You can send us your official documentation by email and it will be included in our consultation process.

Next steps

Our conversation doesn’t end with the survey. Here’s what you can expect next.

We’ll be collecting your feedback into a report that summarizes what we heard during all the public engagement activities we have undertaken for this renewal. This includes survey results; focus group testing; and discussions with industry, labour and civil society groups.

This report will also be provided to our senior decision-makers. They will consider your input alongside the research our economists have been doing to put together a recommendation for the Minister of Finance about the Bank’s monetary policy approach for the next five years – from 2021 to 2026.

Progress updates

Stay tuned to this page for updates on how we’re putting your insights to good use.

Even more ways to learn

You’re invited to visit our website regularly for the latest information on inflation—and other economic topics important to you: