In 2022, the annual growth in the Consumer Price Index (CPI) rose to a 40-year high of 6.8%. While year-over-year growth in the CPI has subsided since then, it remains higher than what has been experienced in Canada on average over the past four decades. This increase in the CPI—which captures the cost of a fixed basket of goods and services relevant to Canadian consumers—reflects inflationary pressures occurring broadly across the economy. The price of final domestic demand (FDD), which captures not only the price pressures experienced by households but also those faced by businesses and government, has risen at a similar rate to CPI inflation. The gross domestic product (GDP) deflator, the price of goods and services produced domestically, has risen even faster because of export prices.
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