Canadian inflation will cool down in 2024, but still higher than pre-COVID-19 levels.

On January 21st, Jinshi Data reported that Canada’s annual average inflation rate dropped from 3.9% in 2023 to 2.4% last year. The Canadian Statistical Bureau pointed out that although this is the lowest level since 2020, it is still higher than the pre-COVID-19 average annual level, indicating a slow but stable recovery of historical inflation rates. Excluding the peak period of the pandemic from 2021 to 2023, the average consumer price index in 2024 will reach the highest level since 2011. Last year, commodity prices rose significantly, while service prices continued to rise.