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Canada's annual inflation rate rose to 2.4% in March, driven by high gas prices
Gasoline prices jumped 21.2% in March, the largest monthly increase on record, while core inflation stayed near the Bank of Canada’s target range.
- On Monday, Statistics Canada reported Canada's annual inflation rate accelerated to 2.4% in March, up from 1.8% in February, driven by a record 21.2% monthly surge in gasoline prices.
- Iran's moves to close the Strait of Hormuz disrupted crude shipments, triggering a global oil supply shock that pushed Canadian gasoline prices 5.9% higher year-over-year in March.
- Excluding gasoline, the Consumer Price Index decelerated to 2.2% in March, while the Bank of Canada's preferred core measures—CPI-median at 2.3% and CPI-trim at 2.2%—signaled contained underlying pressures.
- Policymakers at the Bank of Canada will look through this temporary energy-driven spike while preparing for their April 29 interest rate decision, signaling restraint on immediate policy action.
- Meanwhile, the federal government's removal of the Consumer Carbon Price last year continued to mute annual inflation comparisons, while overall food inflation cooled to 4% from 5.4% in February.
37 Articles
37 Articles
Simcoe.com
Record gas prices and soaring grocery costs push Canada’s inflation up in March. Here’s what Ontario experts say it means for interest rates
Overall, motorists paid 5.9 per cent more for gasoline in March than they did in the same month the previous year. However, Canada's gas prices were up 21.2 per cent from February's figures, according to Statistics Canada.
Inflation Rises to 2.4 Percent in March Amid Rising Fuel Prices: StatCan
Canada’s annual inflation rate rose to 2.4 percent in March compared to 1.8 percent in the previous month, as gas prices rose by the largest monthly amount on record, according to a new Statistics Canada report. Higher prices for energy due to the conflict in the Middle East—particularly for gasoline—drove prices higher, StatCan said in its April 20 report. Excluding gasoline prices, the Consumer Price Index (CPI) rose by a slower rate of 2.2 pe…
sarnianewstoday.ca
Higher gas prices pushes inflation up in March
Canada's Consumer Price Index rose 2.4 per cent in March compared with a year ago, as consumers paid more for gas due to the war in Iran.Statistics Canada says that, excluding gas, inflation rose 2.2 per cent after February's 2.4 per cent increase.Year-over-year, energy prices jumped 3.9 per cent after falling 9.3 per cent in February. Consumers paid 5.9 per cent more to fill up the tank than they did in March 2025. On a monthly basis, gas price…
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