Will Canadian inflation fall in 2024?

But as base year effects fade, that deceleration will be more obvious to Canadians who may only be familiar with the annual inflation rate. Looking ahead, the Bank of Canada is forecasting inflation will fall to about three per cent by mid-year and back down to two per cent in 2024.

What happened in Canada in June 2023?

The annual inflation rate in Canada fell to 2.8% in June of 2023, the lowest since March of 2021 from 3.4% in the previous month and below market expectations of 3%, as gasoline prices declined further. Transportation costs fell by 3.4%, extending the 2.4% decline in the previous month amid a 21.6% slide in the price of gasoline.

How did rising food prices affect consumer inflation in March 2023?

The broad increase in prices in the early months of 2022, stemming from energy, durable goods and wheat-based food products, had a downward impact on the year-over-year rate of consumer inflation in March 2023. This is because higher prices from March 2022 were used as the basis for year-over-year comparison.

How did the consumer price index perform in March 2023?

The Daily — Consumer Price Index, March 2023 The Consumer Price Index (CPI) rose 4.3% on a year-over-year basis in March, following a 5.2% increase in February. On a seasonally adjusted monthly basis, the CPI rose 0.1% in March. The Consumer Price Index (CPI) rose 4.3% on a year-over-year basis in March, following a 5.2% increase in February.