Canadian inflation rate in 2022: 7.20%

Inflation in 2022 and its effect on dollar value

$1 in 2021 is equivalent in purchasing power to about $1.07 today. The dollar had an average inflation rate of 7.20% in the last 12 months. As a result, the real value of a dollar has been decreasing recently. Purchasing power decreased by 7.20% in 2022 compared to 2021. On average, you would have to spend 7.20% more money in 2022 than in 2021 for the same item.

This means that today's prices are 1.07 times higher than average prices since 2021, according to Statistics Canada consumer price index. A dollar today only buys 93.458% of what it could buy back then.

The inflation rate in 2021 was 3.40%. The current inflation rate compared to last year is now 7.20%. If this number holds, $1 today will be equivalent in buying power to $1.07 next year.

Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 2022 is 151.80. It was 141.61 in the previous year, 2021. The difference in CPI between the years is used by Statistics Canada to officially determine inflation.


Inflation from 2021 to 2022
Average inflation rate7.20%
Converted amount ($1 base)$1.07
Price difference ($1 base)$0.07
CPI in 2021141.608
CPI in 2022151.804
Inflation in 20213.40%
Inflation in 20227.20%
$1 in 2021$1.07 in 2022

Recent CAD inflation
Annual Rate, Statistics Canada CPI
Download

How to calculate inflation rate for $1 since 2021

Our calculations use the following inflation rate formula to calculate the change in value between 2021 and today:

CPI today CPI in 2021
×
2021 CAD value
=
Today's value

Then plug in historical CPI values. The Canadian CPI was 141.6083333 in the year 2021 and 151.8041332976 in 2022:

151.8041332976141.6083333
×
$1
=
$1.07

$1 in 2021 has the same "purchasing power" or "buying power" as $1.07 in 2022.

To get the total inflation rate for the 1 years between 2021 and 2022, we use the following formula:

CPI in 2022 - CPI in 2021CPI in 2021
×
100
=
Cumulative inflation rate (1 years)

Plugging in the values to this equation, we get:

151.8041332976 - 141.6083333141.6083333
×
100
=
7%

Data source & citation

Raw data for these calculations comes from the government of Canada's annual Consumer Price Index (CPI), established in 1914 and computed by Statistics Canada (StatCan).

You may use the following MLA citation for this page: “Inflation Rate in 2022 | Canada Inflation Calculator.” Official Inflation Data, Alioth Finance, 21 Nov. 2022, https://www.officialdata.org/CAD-inflation-rate-in-2022.

Special thanks to QuickChart for their chart image API, which is used for chart downloads.

in2013dollars.com is a reference website maintained by the Official Data Foundation.


Ian Webster

About the author

Ian Webster is an engineer and data expert based in San Mateo, California. He has worked for Google, NASA, and consulted for governments around the world on data pipelines and data analysis. Disappointed by the lack of clear resources on the impacts of inflation on economic indicators, Ian believes this website serves as a valuable public tool. Ian earned his degree in Computer Science from Dartmouth College.

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Inflation from 2021 to 2022
Average inflation rate7.20%
Converted amount ($1 base)$1.07
Price difference ($1 base)$0.07
CPI in 2021141.608
CPI in 2022151.804
Inflation in 20213.40%
Inflation in 20227.20%
$1 in 2021$1.07 in 2022