Canadians’ Inflation Expectations
Majority of Canadians Still Expect Inflation Above the Bank of Canada’s Target Range
Inflation is moderating but remains well above the Bank of Canada’s 2 per cent target despite several interest rate hikes over the past two years. Food—a highly visible product group—has seen some of the largest year-over-year prices increases since August, likely keeping inflation expectations elevated.
November 15, 2023 • 13-min read
Canadians’ Inflation Expectations is the result of ongoing monthly surveys that began in November of 2021. The survey collects the Canadian public’s outlooks on what inflation will be over the next year, and over the next three years. Results are grouped into the categories of less than 1 per cent, between 1 and 3 per cent, between 3 and 5 per cent, or greater than 5 per cent based on the respondents’ outlooks. These results are also graphically depicted based on characteristics including respondents’ geographic region, age, occupation, and income, and whether they own their home or are renting. An additional analysis of the results specific to that month is also provided with each iteration.
The Conference Board of Canada , with the help of Leger, conducts the monthly study through an internet survey among the public aged 18 and older in all regions across Canada. The results from the survey are weighted using the 2021 census data by age, sex, mother tongue, region, education level, and the presence of children in the household to ensure a representative sample of the population.
Note: The collection period typically lasts 10 days, with collection dates varying from month to month.
- Atlantic provinces
- Prairie provinces
- British Columbia
Economist, Economic Forecasting
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