# 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 in 2022. The dollar had an average inflation rate of 7.20% per year between 2021 and 2022, producing a cumulative price increase of 7.20%. 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 prices in 2022 are 1.07 times as high as average prices since 2021, according to Statistics Canada consumer price index.

The inflation rate in 2021 was 3.40%. The inflation rate in 2022 was 7.20%.

Inflation rate is calculated by change in the consumer price index (CPI). The CPI in 2022 was 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.

 Average inflation rate 7.20% Converted amount\$1 base \$1.07 Price difference\$1 base \$0.07 CPI in 2021 141.608 CPI in 2022 151.804 Inflation in 2021 3.40% Inflation in 2022 7.20% \$1 in 2021 \$1.07 in 2022

## How to calculate inflation rate for \$1, 2021 to 2022

Our calculations use the following inflation rate formula to calculate the change in value between 2021 and 2022:

CPI in 2022 CPI in 2021
×
=

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, 23 Sep. 2023, 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. 