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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 (

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 and we will help you out!

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