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2024 Cost Of Living Increase Rates Canada. Canadian consumers were confronted with higher prices in 2021, including for everyday necessities, such as food (+2.5%), transportation (+7.2%) and shelter (+3.9%). The average cost of living in.

The annual inflation rate in canada fell to 2.5% in july of 2024 from 2.7% in the previous month, matching market expectations, to mark the softest increase in consumer prices since march of 2021. Since central banks around the world swiftly increased interest rates, inflation in canada has come down from its june 2022 peak of 8.1 per cent to 2.8 per cent in february 2024.