The Consumer Price Index (CPI) rose 2.3% year over year in March, following an increase of 2.6% in February.
The year-over-year slowdown in the all-items CPI was driven by lower prices for travel tours and gasoline in March. Excluding gasoline, the CPI rose 2.5% following a 2.6% increase (excluding gasoline) in February.
Moderating the slowdown was the end of the temporary break on the Goods and Services Tax (GST)/Harmonized Sales Tax (HST) on February 15, which put upward pressure on prices for eligible products in March compared with February.
On a monthly basis, the CPI rose 0.3% in March. On a seasonally adjusted monthly basis, the CPI was unchanged.
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