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new canada inflation data may 2023

New Canada Inflation Data Indicates Increase Of 4.4%

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.

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

GeographyMonth-on-Month Change
(March 2023 to April 2023)
Year-on-Year Change
(April 2022 to April 2023)
Newfoundland and Labrador0.8%3.5%
Prince Edward Island0.6%3.7%
Nova Scotia0.6%4.5%
New Brunswick1.0%4.3%
British Columbia0.5%4.3%
Whitehorse, Yukon 0.9%5.8%
Yellowknife, Northwest Territories 0.7%4.9%
Iqaluit, Nunavut 0.9%3.1%
Province-Wise New Canada Inflation Data

Major Items New Canada Inflation Data

ProductsMonth-on-Month Change
(March 2023 to April 2023)
Year-on-Year Change
(April 2022 to April 2023)
Food 0.38%8.34%
Shelter 0.59%4.94%
Household operations, furnishings and equipment0.30%3.00%
Clothing and footwear0.72%2.52%
Health and personal care1.39%6.35%
Recreation, education and reading0.24%3.13%
Alcoholic beverages, tobacco products and recreational cannabis0.21%5.34%
Fresh fruit and vegetables-1.43%8.61%
Energy 3.41%-4.23%
Major Items New Canada Inflation Data

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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new canada inflation data may 2023