Inflation Drops to 4.3%

More good news! ⭐️

Inflationary numbers for March came in at 4.3%. This is down from the 5.2% we saw the month prior.

Noticeable decrease included food and energy categories with fuel prices, meat, and produce seeing the greatest decline.

We also saw significant decreases to child care services .

This recent inflationary decline is largely due to gasoline prices dropping. However at this time last year, we did see one of the largest spikes in fuel costs ever due to the Ukraine war, which accounts for part of the large decline we are seeing now.

Contrarily, we saw a jump in household furnishing, pet food supplies and tobacco/ alcohol.

The economy remains resilient, with job creation, strong employment rates, and decreasing inflation. The Bank of Canada will continue to pay close attention to economic activity, but are likely pleased with the impact of their aggressive rate hikes this last year as they are on track to reach their year-end inflationary target of 2%

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