Canada: in January 2021 the Bank of Canada expected inflation of 1.9% for 2022; the outcome was 6.7%
Forecasts of 55 releases (2010–2024) for the next year: the outcome above the forecast 20 times, below 35; typical error −0.10 percentage points. The largest under-forecast in January 2021: 1.9% expected for 2022, the outcome was 6.7%. The largest over-forecast in January 2019: 2.0% expected for 2020, the outcome was 0.8%.
Source: Central banks: published forecasts; actual: official statisticsOpen on the chart →