Consumer Price Index, March 2024
Released: 2024-04-16
The Consumer Price Index (CPI) rose 2.9% on a year-over-year basis in March, up from a 2.8% gain in February. Gasoline prices contributed the most to the year-over-year headline acceleration, as prices at the pump rose faster in March compared with February. Excluding gasoline, the all-items CPI slowed to a 2.8% year-over-year increase, down from a 2.9% gain in February.
Shelter prices continued to apply upward pressure in March, with the mortgage interest cost and rent indexes contributing the most to the year-over-year gain in the all-items CPI.
Prices for services (+4.5%) continued to rise in March compared with February (+4.2%), driven by air transportation and rent, outpacing price growth for goods (+1.1%) which slowed compared with February (+1.2%) on a yearly basis.
On a monthly basis, the CPI rose 0.6% in March. Month-over-month price growth was broad-based.
On a seasonally adjusted monthly basis, the CPI rose 0.3% in March.
Chart 1
12-month change in the Consumer Price Index (CPI) and CPI excluding gasoline
Chart 2
The clothing and footwear; transportation; and recreation, education and reading components accelerate in March
Shelter prices continue to put upward pressure on the Consumer Price Index
Shelter prices increased 6.5% year over year in March, rising at the same rate as in February.
The mortgage interest cost index rose 25.4% on a year-over-year basis in March, following a 26.3% increase in February. The homeowners' replacement cost index, which is related to the price of new homes, declined less in March (-1.0%) compared with February (-1.4%) on a year-over-year basis.
Rent prices continued to climb in March, rising 8.5% year over year, following an 8.2% increase in February. Among other factors, a higher interest rate environment, which can create barriers to homeownership, put upward pressure on the index.
Chart 3
The mortgage interest cost index remains elevated
Consumer Price Index basket update in June 2024
The Consumer Price Index (CPI) is based on a fixed basket of goods and services designed according to international standards and methods. On June 18, 2024, updated basket weights for the goods and services used in the calculation of the CPI will be made available in table 18-10-0007-01. The new basket weight reference period will be 2023, based on the most recent household final consumption expenditure data and other alternative data. The methods and data sources used will be similar to the last basket update in June 2023.
One week later, on June 25, 2024, the May CPI will be released, based on the updated basket weights.
For general information on basket updates, consult The Canadian Consumer Price Index reference paper, chapter 8, "Weights and basket updates."
Gasoline prices rise
Year over year, gasoline prices increased 4.5% in March, following an 0.8% rise in February. Higher global prices for crude oil stemmed from supply concerns amid geopolitical conflict and continued voluntary production cuts, leading to higher prices at the pump.
Month over month, prices for gasoline increased in March (+4.9%). On a monthly basis, gas prices rose at a slower pace in March compared with February in Eastern Canada, whereas prices rose at a faster pace in Western Canada.
Explore the Consumer Price Index tools
Check out Statistics Canada's Food Price Data Hub, which features a variety of food price related statistics, articles and tools.
Check out the Personal Inflation Calculator. This interactive calculator allows you to enter dollar amounts in the common expense categories to produce a personalized inflation rate, which you can compare to the official measure of inflation for the average Canadian household—the Consumer Price Index (CPI).
Browse the Consumer Price Index Data Visualization Tool to access current (Latest Snapshot of the CPI) and historical (Price trends: 1914 to today) CPI data in a customizable visual format.
Prices for clothing and footwear increase on a monthly basis
On a seasonally adjusted monthly basis, the clothing and footwear index rose in March (+1.4%) following declines in January (-1.8%) and February (-2.3%), the two largest declines since the onset of the COVID-19 pandemic. Clothing and footwear is one of the most seasonal components in the CPI because different types of clothing and footwear become available to buy at different times of the year.
On a not seasonally adjusted monthly basis, prices for clothing and footwear rose 2.8% in March after falling 1.1% in February, due to fewer promotions compared with previous months.
Despite the month-over-month price increase, the clothing and footwear index fell year over year, though to a lesser extent in March (-2.7%) compared with February (-4.2%), putting upward pressure on the all-items CPI.
Infographic 1
Clothing and footwear prices rise on a monthly basis in March following price declines in early 2024
Regional highlights
Year over year, prices rose at a faster pace in March compared with February in seven provinces.
Prices rose at a faster rate in March compared with February in Atlantic Canada primarily due to an acceleration in prices for fuel oil and other fuels, which fell less on a year-over-year basis in March (-2.7%) compared with February (-10.9%). In Atlantic Canada, furnace oil is commonly used as a home heating source.
Chart 4
The Consumer Price Index rises at a faster pace in seven provinces
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Note to readers
Visit the Consumer Price Index portal to find all Consumer Price Index (CPI) data, publications, interactive tools and announcements highlighting new products and upcoming changes to the CPI in one convenient location.
Updated data source
With this release, a new data source has been incorporated for select regions of the Fuel oil and other fuels index. The index represents 0.21% of the 2022 CPI basket and is part of the shelter component. The new data will result in price changes captured for all weeks in the month, similar to the gasoline index. Standard CPI collection procedures will continue for regions for which this data source is not available.
Real-time data tables
Real-time data table 18-10-0259-01 will be updated on April 29. For more information, consult the document, "Real-time data tables."
Next release
The Consumer Price Index for April will be released on May 21.
Products
The "Consumer Price Index Data Visualization Tool" is available on the Statistics Canada website.
More information on the concepts and use of the Consumer Price Index (CPI) is available in The Canadian Consumer Price Index Reference Paper (62-553-X).
For information on the history of the CPI in Canada, consult the publication Exploring the first century of Canada's Consumer Price Index (62-604-X).
Two videos, "An Overview of Canada's Consumer Price Index (CPI)" and "The Consumer Price Index (CPI) and Your Experience of Price Change," are available on Statistics Canada's YouTube channel.
Find out answers to the most common questions posed about the CPI in the context of the COVID-19 pandemic and beyond.
Contact information
For more information, or to enquire about the concepts, methods or data quality of this release, contact us (toll-free 1-800-263-1136; 514-283-8300; infostats@statcan.gc.ca) or Media Relations (statcan.mediahotline-ligneinfomedias.statcan@statcan.gc.ca).
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