Bank of Canada

Regular page >>
      

Rates and Statistics

Monetary policy indicators

Summary of Key Monetary Policy Variables

1996-present

graph this data = display the data in the column(s) as a graph
Updated: 6-Jul-06 11:00
Date Inflation-control target Policy instrument Monetary conditions Monetary aggregates Inflation indicators
Target range Total CPI Core CPI 1 Overnight rate target
(end of month)
Overnight rate Monetary conditions index (Jan 1987= 0) 90 day commer. paper rate C-6 trade-
weighted exchange rate
Gross M1 M1++ M2++ Yield spread between convent. and Real Return bonds CPI
excluding food, energy and taxes
CPIW Unit labour costs IPPI (finished products) Average
hourly earnings of perm. workers
  12-month
growth rate
          12-month
growth rate
  12-month
growth rate
     
graph this data graph this data graph this data graph this data graph this data graph this data graph this data graph this data graph this data graph this data graph this data graph this data graph this data graph this data graph this data
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17
May 20062.82.04.254.21262.294.33----2.671.82.0---
Apr 20061-32.41.64.03.81821.564.19-11.27.1-2.781.61.7---
Mar 20061-32.21.73.753.72690.24.0-12.17.16.52.641.51.8---
Feb 20061-32.21.73.53.47650.733.8-12.37.26.02.711.41.7---
Jan 20061-32.81.73.53.29610.473.67-10.66.65.92.661.42.0---
Dec 20051-32.21.63.253.24370.003.52-10.77.46.32.581.31.7---
Nov 20051-32.01.63.02.9883-0.213.37-11.47.95.92.531.41.7---
Oct 20051-32.61.73.02.9873-0.663.14-11.37.85.62.671.51.8---
Sep 20051-33.41.72.752.7421-1.072.98-11.37.15.62.571.62.1--3.4
Aug 20051-32.61.72.52.4882-1.632.83-9.36.04.92.391.51.9--3.1
Jul 20051-32.01.42.52.4922-2.952.64-9.66.24.72.381.11.7--2.8
Jun 20051-31.71.52.52.4936-2.882.58-9.56.65.02.421.31.7--2.7
May 20051-31.61.62.52.4866-4.022.59-8.87.25.42.61.21.6--2.0
Apr 20051-32.41.72.52.4954-3.692.58-9.88.35.72.671.21.8--2.8
Mar 20051-32.31.92.52.4794-2.742.68-9.99.15.52.691.41.9--2.8
Feb 20051-32.11.82.52.4971-3.542.57-10.19.65.82.691.41.7--2.2
Jan 20051-32.01.62.52.498-3.352.56-11.110.25.72.711.21.6--3.1
Dec 20041-32.11.72.52.4999-3.022.57-11.610.75.62.811.31.7--2.6
Nov 20041-32.41.62.52.4977-1.822.74-10.69.85.32.731.11.8--3.1
Oct 20041-32.31.42.52.496-3.032.6-11.510.55.72.720.81.7--2.3
Sep 20041-31.81.52.252.2496-4.222.5-10.110.45.22.721.01.6--2.1
Aug 20041-31.91.52.01.9979-5.282.22-10.410.65.22.931.01.7--2.3
Jul 20041-32.31.92.01.9973-6.032.12-10.911.65.42.981.41.9--2.5
Jun 20041-32.51.72.02.0005-6.362.1-14.113.05.72.961.41.8--3.3
May 20041-32.51.52.01.9985-7.082.07-15.813.15.13.01.21.8--3.0
Apr 20041-31.61.82.01.9959-6.982.05-15.212.05.12.851.21.7--3.2
Mar 20041-30.71.32.252.2482-5.722.1-14.010.54.72.651.11.2--3.0
Feb 20041-30.71.12.52.4953-6.212.25-12.99.74.42.531.01.2--2.8
Jan 20041-31.21.52.52.4951-5.772.37-10.48.33.82.661.51.5--2.7
Dec 20031-32.02.22.752.7481-4.682.66-9.67.63.92.411.52.1--2.7
Nov 20031-31.61.82.752.7481-4.732.73-8.56.83.12.381.81.7--2.3
Oct 20031-31.61.82.752.7492-4.852.71-6.96.13.12.381.81.8--2.7
Sep 20031-32.21.72.752.749-5.932.64-8.66.53.42.151.81.9--2.7
Aug 20031-32.01.53.02.9972-6.682.887.119.56.63.52.291.71.7--2.1
Jul 20031-32.21.83.02.9947-6.62.8987.0710.06.63.52.251.71.9--2.1
Jun 20031-32.62.13.253.2449-5.113.1190.457.75.23.32.042.12.0--1.4
May 20031-32.92.33.253.2416-6.023.2787.67.05.33.52.122.52.2--1.8
Apr 20031-33.02.13.253.2373-6.923.3585.076.65.23.02.282.82.1--1.3
Mar 20031-34.32.93.02.992-7.723.2883.226.25.63.42.53.12.7--1.8
Feb 20031-34.63.12.752.7469-8.612.9781.786.86.43.32.43.32.9--2.1
Jan 20031-34.53.32.752.7439-9.342.9180.157.47.33.72.273.32.9--1.9
Dec 20021-33.92.72.752.7439-9.82.8379.247.08.23.92.093.32.4--1.9
Nov 20021-34.33.12.752.7431-10.212.8578.249.610.34.82.153.13.0--2.5
Oct 20021-33.22.52.752.7449-10.062.8378.6311.512.65.62.182.52.4--2.7
Sep 20021-32.32.52.752.7447-10.272.977.9710.912.76.12.182.32.3--2.8
Aug 20021-32.62.52.752.7448-9.683.0978.913.915.26.72.182.22.4--3.0
Jul 20021-32.12.12.752.7418-10.42.8877.7113.314.76.72.282.12.0--2.8
Jun 20021-31.32.12.52.4964-9.122.7880.9912.815.56.82.322.11.9--2.7
May 20021-31.02.22.252.2471-9.312.6880.7911.714.36.72.242.01.9--2.4
Apr 20021-31.72.22.252.244-10.072.4679.4811.715.36.92.291.92.1--2.8
Mar 20021-31.82.12.01.9933-10.612.3678.4512.415.87.12.31.82.1--3.2
Feb 20021-31.52.22.01.9926-11.072.1677.8412.615.57.51.961.42.1--3.4
Jan 20021-31.31.82.01.9923-10.822.0778.6314.415.68.01.951.41.8--3.5
Dec 20011-30.71.62.252.2444-10.942.0878.3314.414.17.61.931.31.6--3.3
Nov 20011-30.71.72.252.5955-10.782.1778.513.813.28.61.911.41.7--3.0
Oct 20011-31.92.22.752.7412-10.592.4578.2812.110.97.81.711.82.1--2.5
Sep 20011-32.62.33.53.4858-9.693.1978.6511.810.77.62.182.02.3-3.32.3
Aug 20011-32.82.34.04.1679-8.283.9680.189.18.67.01.992.12.3-2.52.5
Jul 20011-32.62.44.254.2414-7.74.2280.979.48.27.02.282.12.4-2.53.3
Jun 20011-33.32.34.54.4935-7.034.3882.219.87.87.22.361.92.43.62.73.8
May 20011-33.92.34.54.67-7.64.4980.5411.68.87.82.452.02.53.43.94.0
Apr 20011-33.62.34.754.7442-7.714.4980.2811.37.17.22.361.92.40.34.43.5
Mar 20011-32.51.85.04.9927-7.934.6679.3513.47.77.52.341.71.94.13.83.7
Feb 20011-32.91.75.55.49-6.945.0580.7814.38.67.72.272.01.93.73.93.5
Jan 20011-33.01.85.55.4914-6.065.2982.3614.49.27.72.362.02.03.53.93.0
Dec 20001-33.21.85.755.8-5.925.7181.6615.810.28.02.141.92.02.63.43.2
Nov 20001-33.21.55.755.75-6.225.8980.4915.99.57.42.01.81.82.85.13.3
Oct 20001-32.81.35.755.7514-5.75.8581.8717.69.77.52.091.51.61.93.83.7
Sep 20001-32.71.05.755.7429-5.455.8382.5317.49.26.92.071.31.54.02.94.0
Aug 20001-32.51.25.755.7514-5.055.983.3416.08.57.11.841.51.61.52.73.4
Jul 20001-33.01.25.755.7271-4.885.8883.8316.69.17.61.91.51.71.22.93.0
Jun 20001-32.91.35.755.75-5.325.8982.715.59.27.21.841.41.61.23.82.9
May 20001-32.41.15.755.7529-5.485.9882.0813.58.36.61.821.31.40.63.63.2
Apr 20001-32.11.15.255.2586-5.375.6283.2314.69.47.32.281.21.35.52.63.7
Mar 20001-33.01.45.255.2486-5.165.4684.1712.38.66.42.041.51.71.32.23.0
Feb 20001-32.71.35.04.9714-5.545.3183.5811.38.16.31.911.61.62.32.73.1
Jan 20001-32.31.24.754.77-5.095.2584.879.36.25.72.251.31.51.61.23.5
Dec 19991-32.61.44.754.7586-5.465.2783.99.86.85.52.221.61.71.51.83.2
Nov 19991-32.21.44.754.7714-6.055.0582.988.25.94.92.061.51.70.50.52.9
Oct 19991-32.31.64.54.6057-6.25.0582.616.15.45.02.311.61.71.41.12.8
Sep 19991-32.61.94.54.5786-6.224.8383.085.64.95.31.861.91.90.92.42.8
Aug 19991-32.11.64.54.6229-6.784.8781.617.64.95.41.651.61.61.51.93.3
Jul 19991-31.81.64.54.6114-7.044.9180.886.64.55.01.721.61.62.02.33.0
Jun 19991-31.61.54.54.5957-6.074.8683.417.74.35.31.61.71.51.41.62.3
May 19991-31.61.44.54.5929-6.254.7183.327.64.15.41.51.41.52.62.12.4
Apr 19991-31.71.34.754.7771-6.344.882.887.73.55.31.321.41.61.83.12.5
Mar 19991-31.01.14.754.9943-7.074.8580.968.42.76.01.21.21.31.44.42.4
Feb 19991-30.70.95.04.9957-6.625.0481.598.12.55.41.30.91.11.71.91.9
Jan 19991-30.60.95.04.9914-7.355.0179.898.01.85.41.131.01.11.12.71.8
Dec 19981-31.01.35.05.1129-8.05.0278.327.11.05.51.121.41.32.23.11.6
Nov 19981-31.21.55.04.9514-7.75.0978.877.01.45.91.31.41.51.93.71.7
Oct 19981-31.01.25.255.2329-7.655.2278.689.12.85.61.381.21.32.14.51.8
Sep 19981-30.71.15.55.7271-6.875.3880.1610.93.45.91.31.21.30.73.01.6
Aug 19981-30.81.25.754.72-7.515.2279.08.73.05.71.731.21.31.53.31.4
Jul 19981-31.01.24.754.77-6.395.1481.929.93.35.61.741.11.32.13.31.3
Jun 19981-31.01.14.754.74-5.715.0683.810.22.55.31.670.81.31.42.81.9
May 19981-31.11.34.754.7386-5.485.0484.4211.53.25.31.711.21.31.52.21.4
Apr 19981-30.81.24.754.7257-5.125.0485.3512.43.65.21.811.01.22.21.51.3
Mar 19981-30.91.54.754.6829-4.684.8487.0111.63.34.81.671.21.30.21.51.4
Feb 19981-31.01.64.754.7114-4.884.9686.1612.34.15.31.721.41.41.62.81.6
Jan 19981-31.11.54.754.2843-6.14.5684.0714.25.65.91.71.11.41.72.91.7
Dec 19971-30.71.34.254.3357-5.174.885.8414.95.26.21.810.81.1-2.1-
Nov 19971-30.81.23.753.5529-5.834.1485.8216.56.16.01.910.91.1-2.8-
Oct 19971-31.51.93.53.54-5.673.9186.8416.06.16.82.031.71.5-1.7-
Sep 19971-31.61.83.253.2357-5.53.6487.9916.36.97.12.251.51.5-1.8-
Aug 19971-31.92.03.253.2671-5.593.6387.7817.97.67.22.421.51.7-1.9-
Jul 19971-31.72.03.253.2429-5.293.6788.4817.57.37.32.371.51.7-1.6-
Jun 19971-31.72.33.252.9657-6.223.2787.0716.57.47.22.542.11.9-1.9-
May 19971-31.52.13.02.9571-5.953.2787.7817.67.77.42.811.61.7-1.8-
Apr 19971-31.72.23.03.0357-5.883.4487.5216.88.17.52.941.81.8-2.6-
Mar 19971-32.02.03.02.9629-5.583.2888.7317.38.27.92.991.71.8-1.9-
Feb 19971-32.21.93.02.9843-5.593.1289.1518.57.98.12.951.51.8-1.7-
Jan 19971-32.12.13.02.9986-5.113.1590.3617.57.38.13.191.61.9-1.9-
Dec 19961-32.22.13.03.01-5.883.1388.3515.46.58.03.01.71.9-2.1-
Nov 19961-32.01.93.03.0071-5.692.9289.4114.25.38.22.781.41.7-2.1-
Oct 19961-31.81.83.253.4157-5.163.389.814.04.37.22.981.31.6-3.0-
Sep 19961-31.51.64.04.0329-5.14.0188.0812.83.46.63.171.21.4-3.1-
Aug 19961-31.41.74.04.0157-5.024.1587.9212.73.46.73.091.31.4-3.5-
Jul 19961-31.21.74.54.5443-4.824.5987.2912.53.36.43.241.41.3-3.1-
Jun 19961-31.41.7-4.7171-4.124.8388.4912.23.76.83.361.31.4-2.4-
May 19961-31.41.7-4.77-4.414.7787.8811.73.47.23.291.51.4-3.3-
Apr 19961-31.41.6-4.7557-4.184.8388.3511.72.26.93.271.51.4-2.7-
Mar 19961-31.41.6-4.9386-3.975.1188.1511.72.66.73.241.51.3-1.9-
Feb 19961-31.31.6-5.1771-4.135.387.238.91.16.23.21.61.3-2.4-
Jan 19961-31.61.7-5.5057-4.15.2387.518.20.005.33.071.71.4-2.2-
  1. Core CPI: The Bank has changed its measurement of core CPI. Prior to May 2001, the core measure was the CPI excluding food, energy, and the effect of changes in indirect taxes. The new measure is the CPI excluding the eight components with the most volatile prices (fruit, vegetables, gasoline, fuel oil, natural gas, mortgage interest, intercity transportation, and tobacco products), as well as the effect of changes in indirect taxes on the remaining components.

    The former core CPI measure is now found in column 13 above, "CPI excluding food, energy and taxes."