The inflation rate for March is down to 4.3%!
The most recent release of Statistics Canada’s Consumer Price Index shows that the overall inflation rate for the month of March 2023 stood at 4.3%, as compared to the 5.2% rate recorded for February 2023. Both rates are measured on a year-over-year basis.
The 4.3% increase seen in March was the smallest increase recorded since August of 2021 when the rate of increase was 4.1%. The largest driver of the decline in the rate of inflation was gasoline prices, which decreased by 13.8% on a year-over-year basis in March 2023.
In its release, StatsCan noted that while inflation has moderated in recent months prices nonetheless remain elevated, with inflation having increased by 8.7% since the fall of 2021. The April release of the Consumer Price Index can be found on the StatsCan website at The Daily — Consumer Price Index, March 2023 (statcan.gc.ca).
If you would like help with dealing with the CRA or would like to know more about taxable benefits, please feel free to call us at (905) 305-9722 or email us at info@eigenmachtcrackower.com and we will help you out!
