The inflation rate was up slightly in March compared with February, according to Statistics Canada.
Prices jumped 2.9 per cent last month compared with March 2023, the agency said.
Inflation was 2.8 per cent in February.
StatCan said mortgage interest costs, gas, rent and food all saw substantial price increases in March, while furnishings and clothing saw declines.
In British Columbia, the inflation rate was 2.7 per cent in March. It was 2.6 per cent in February.
The statistics agency said gas prices “contributed the most” to March’s inflation rate across Canada, with prices up 4.5 per cent.
That was a consequence of higher oil prices, which have been caused by supply concerns and “geopolitical conflict.”
StatCan said gas prices rose faster in Western Canada than in the east.
Shelter prices across the country increased by 6.5 per cent in March, the same rate as in February.
Mortgage interests costs were up 25.4 per cent year-over-year, while rent climbed 8.5 per cent.
Food, meanwhile, continues to rise in price, with overall costs up three per cent in March.
Other items increasing in price faster than the overall rate of inflation include alcohol, tobacco and cannabis, which were up 3.2 per cent in March.
Last week Tiff Macklem, the Bank of Canada governor, said “we are seeing what we need to see” in terms of inflation, but added: “We need to see it for longer to be confident that progress toward price stability will be sustained.”
The Bank ultimately held its overnight rate at five per cent.
