Monetary Policy Report

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• The Bank’s mandate is to conduct monetary policy to promote the economic and financial well-being of Canadians.
• Canada’s experience with inflation targeting since 1991 has shown that the best way to foster confidence in the value of money and to contribute to sustained economic growth, employment gains and improved living standards is by keeping inflation low, stable and predictable.
• In 2016, the Government and the Bank of Canada renewed Canada’s inflation-control target for a further five-year period, ending December 31, 2021. The target, as measured by the consumer price index (CPI), remains at the 2 per cent midpoint of the control range of 1 to 3 per cent.