Let's Talk Inflation

Learn why we consulted with Canadians on renewing our monetary policy framework—and find out what we heard and what happens next.

We spoke with thousands of Canadians about their views on the economy, inflation and what the Bank does. Here’s what they told us about inflation and monetary policy.

Why we consulted with Canadians

Former 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

As we reviewed our current approach against other possible options, we consulted broadly with a variety of stakeholder groups and the general public to gather input. These public consultations provided us with an opportunity to take stock, gather input and ensure our policies and decisions reflect the views of the people we serve.

What we heard

This report summarizes what we heard during all the public engagement activities we undertook for this renewal. This includes input gathered from:

What happens next

This report has been provided to our senior decision-makers. They will consider this 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.

The final agreement on the framework option will be announced by the end of 2021.

Even more ways to learn

You’re invited to visit our website regularly for the latest information on inflation and monetary policy: