Bank of Canada

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Monetary Policy


The Bank of Canada aims to keep inflation at the 2 per cent target, the midpoint of the 1 to 3 per cent inflation-control target range. This target is expressed in terms of total CPI inflation, but the Bank uses a measure of core inflation as an operational guide. Core inflation provides a better measure of the underlying trend of inflation and tends to be a better predictor of future changes in the total CPI.


CPI and core CPI

Indicators of Capacity and Inflation Pressures for Canada

Background information

Inflation-Control Target (backgrounder)

Inflation-Control Target: Definitions and Notes

Fact Sheets:
Brief articles for a general audience

Agreement on the inflation-control target

Joint statement of the Government of Canada and the Bank of Canada on the renewal of the inflation-control target

Press release on the renewal of the inflation-control target

Renewal of the Inflation-Control Target: Background Information PDF

Technical Background Document 1: A Brief Review of the Literature on Whether a Low-inflation Regime Leads to Economic Difficulties

Technical Background Document 2: Lower Rates of Inflation and Improved Economic Outcomes