Canada systematically under-reports inflation similar to the way they do in the US. But it’s been that way for decades and their methods haven’t changed recently so far as I know, so changes in the reported rate are still meaningful.

But it’s reported monthly at an annualized rate. When they say 2.8% annual inflation, that doesn’t mean it hasn’t been much higher than that over the past year. Only that in that one month it was measured at a rate that would hypothetically add up to 2.8% if it continued for a whole year. When things are changing rapidly, one month’s number might be less meaningful than usual.