The Consumer Price Index (CPI) rose 4.3% year over year in March 2023 following a 5.2% increase in February according to Statistics Canada’s latest report.
This was the smallest increase since August 2021 (4.1%) and is a result of the steep monthly increase in prices in March 2022 (1.4%). Those increases include base-year effects, notably gasoline prices, which continued to have a strong downward impact on consumer inflation.
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Senior Policy Analyst, Government Relations