Canada CPI slowed from 5.2% yoy to 4.3% yoy in March, matched expectations. That was also the smallest annual increase since August 2021. Excluding food and energy, CPI slowed from 4.8% yoy to 4.5% yoy. Excluding mortgage interest costs CPI also slowed from 4.7% yoy to 3.6% yoy.
Statistics Canada noted, “As a result of the steep monthly increase in prices in March 2022 (+1.4%), base-year effects, notably gasoline prices, continued to have a strong downward impact on consumer inflation, contributing to the year-over-year deceleration in March 2023.”
Meanwhile, CPI median slowed from 4.9% yoy to 4.6% yoy, above expectation of 4.5% yoy. CPI trimmed slowed from 4.8% yoy to 4.4% yoy, matched expectation. CPI common slowed from 6.4% yoy to 5.9% yoy, below expectation of 6.0% yoy.