Last Updated On 16 May 2023, 12:02 PM EDT (Toronto Time)
The new Canada inflation data released today suggests that Consumer Price Index (CPI) increased 4.4% year on year, following a 4.3% increase in March.
The increase in headline consumer inflation is the first time since June of 2022.
Higher rents and mortgage interest expenses contributed the most to the all-items CPI increase in April 2023, year on year.
The CPI rose 0.7% month on month in April, following a 0.5% increase in March. Gasoline prices (+6.3%) contributed the most to the overall month-over-month change.
Gasoline prices increased by 6.3% in April compared to March, the highest monthly rise since October 2022 and the largest contributor to the headline CPI acceleration.
However, gas prices in April 2023 were 7.7% lower than in April 2022.
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Grocery prices climbed at a slower rate in April (+9.1%) than in March (+9.7%), with the slowdown owing to smaller price increases for fresh vegetables and coffee and tea.
Fresh vegetable price rises decreased year on year in April (+8.8%) compared to March (+10.8%), mostly due to decreasing lettuce prices (-3.3%), which had declined from record high in December 2022.
Similarly, coffee and tea prices rose 6.4% year on year in April 2023, compared to 11.1% in March.
Fresh fruit prices grew by 8.3% year on year in April, following a 7.1% increase in March, slowing the decline. The rise was driven by greater growth in orange prices (+12.0%).
In six provinces, prices climbed at a quicker rate in April compared to March. Alberta saw the fastest price rise, owing in part to increasing power rates.
Province-Wise New Inflation Data
| Geography | Month-on-Month Change (March 2023 to April 2023) | Year-on-Year Change (April 2022 to April 2023) |
|---|---|---|
| Canada | 0.7% | 4.4% |
| Newfoundland and Labrador | 0.8% | 3.5% |
| Prince Edward Island | 0.6% | 3.7% |
| Nova Scotia | 0.6% | 4.5% |
| New Brunswick | 1.0% | 4.3% |
| Quebec | 0.8% | 4.8% |
| Ontario | 0.4% | 4.2% |
| Manitoba | 1.1% | 5.5% |
| Saskatchewan | 1.0% | 5.2% |
| Alberta | 1.2% | 4.3% |
| British Columbia | 0.5% | 4.3% |
| Whitehorse, Yukon | 0.9% | 5.8% |
| Yellowknife, Northwest Territories | 0.7% | 4.9% |
| Iqaluit, Nunavut | 0.9% | 3.1% |
Major Items New Canada Inflation Data
| Products | Month-on-Month Change (March 2023 to April 2023) | Year-on-Year Change (April 2022 to April 2023) |
|---|---|---|
| All-items | 0.71% | 4.41% |
| Food | 0.38% | 8.34% |
| Shelter | 0.59% | 4.94% |
| Household operations, furnishings and equipment | 0.30% | 3.00% |
| Clothing and footwear | 0.72% | 2.52% |
| Transportation | 1.51% | 1.32% |
| Gasoline | 6.32% | -7.75% |
| Health and personal care | 1.39% | 6.35% |
| Recreation, education and reading | 0.24% | 3.13% |
| Alcoholic beverages, tobacco products and recreational cannabis | 0.21% | 5.34% |
| Fresh fruit and vegetables | -1.43% | 8.61% |
| Energy | 3.41% | -4.23% |
| Goods | 0.84% | 4.05% |
| Services | 0.54% | 4.79% |
What is inflation?
Inflation is the rate at which prices rise over a certain time period. Inflation is frequently assessed in broad terms, such as the overall rise in prices or the growth in the cost of living in a country.
What is the inflation rate in Canada now?
4.4% is the Canada inflation rate as of April 2023 which increased from 4.3% in March 2023.
Source: Statistics Canada
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