Canada Inflation March 2022


Canada: Inflation comes in at highest level since January 1991 in March

April 20, 2022

Consumer prices increased a seasonally-adjusted 0.88% from the previous month in March, picking up from the 0.75% increase seen in February. March's figure marked the highest reading since September 2005. The reading was driven by rising prices for housing and transportation.

Inflation increased to 6.7% in March from February’s 5.7%. March's result was the highest inflation rate since January 1991, and was well above the Central Bank’s target of 2%. Annual average inflation rose to 4.5% in March (February: 4.1%). Lastly, core inflation rose to 5.5% in March, from the previous month's 4.8%.

FocusEconomics Consensus Forecast analysts see inflation averaging 4.5% in 2022, which is up 0.9 percentage points from the previous month’s forecast. For 2023, our panelists see inflation averaging 2.5%.


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Canada Inflation Chart

Canada Inflation March 2022

Note: Year-on-year and month-on-month variation of seasonally-adjusted consumer price index in %.
Source: Statistics Canada (SC).

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