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Apr 20, 2026 1:48 PM - Connect Newsroom - Ramandeep Kaur with files from The Canadian Press

Canada inflation rises to 2.4% in March, driven by gasoline prices

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A gas station price board displays fuel costs as gasoline prices drive inflation higher in March.(Photo: The Canadian Press)

Canada’s annual inflation rate increased to 2.4 per cent in March, up from 1.8 per cent in February, according to a report released Monday by Statistics Canada. The agency said this marks the highest level recorded since December of last year.

According to Statistics Canada, the increase was largely driven by a sharp rise in gasoline prices. The report links the surge to geopolitical tensions in the Middle East involving Iran, which have affected global oil markets.

Gasoline prices rose 21.2 per cent on a monthly basis in March, representing one of the largest increases on record, the agency said. Excluding oil prices from the core inflation calculation, the inflation rate would have been closer to 2.2 per cent.

The latest data comes ahead of the Bank of Canada’s next interest rate decision scheduled for April 29, where policymakers are expected to weigh inflation trends against broader economic conditions.

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