Current Inflation Rate 2024 Canada By Age. Canada inflation rate for 2022 was 6.80%, a 3.41% increase from 2021. Since central banks around the world swiftly increased interest rates, inflation in canada has come down from its june 2022 peak of 8.1 per cent to 2.8 per cent in february.

Further oas increases during 2024 will be smaller, assuming inflation stabilizes. Consumers continue to view high government spending and elevated home.