Ottawa – 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.
Chart 1 
The Consumer Price Index (CPI) slows largely due to lower gasoline prices
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Chart 2
Price growth slows in four major components
Consumers pay less for travel tours and airfares
Year over year, prices for travel tours declined 4.7% in March after an 18.8% increase in February. On a month-over-month basis, prices for travel tours fell 8.0% in March following a notable increase in February (+23.2%) during President’s Day weekend in the United States.
Air transportation prices fell 12.0% year over year in March following a 4.4% decline in February. This was a result of a smaller monthly increase in March 2025 (+1.2%) compared with the monthly increase in March 2024 (+10.0%), coinciding with decreased Canadian air travel to the United States.
Gasoline prices fall year over year
Year over year, consumers paid 1.6% less at the pump in March following a 5.1% increase in February. The decline was largely a result of lower crude oil prices amid concerns of slowing global oil demand and slowing economic growth related to the threat of tariffs. Additionally, the Organization of the Petroleum Exporting Countries and its partners (OPEC+) confirmed a planned increase to production.
Chart 3
Gasoline prices decline year over year in March
Lower prices for cellular services
Prices for cellular services fell 8.8% on a year-over-year basis in March, following a 3.7% decline in February. The larger year-over-year decline was a result of a 6.8% month-over-month decline in March, due to lower prices for cellular phone plans amid industry-wide promotions.
First full month following the GST/HST break
With the end of the federal tax break on February 15, March was the first full month with GST/HST re-applied to the affected products since November 2024, resulting in upward price pressure.
Prices for food purchased from restaurants moderated the slowdown in headline inflation, rising 3.2% year over year in March after a 1.4% decline in February.
Chart 4
Upward price pressure on some products due to the end of GST/HST break mid-February
Chart 5
Restaurant prices rebound in first full month without the GST/HST break
Focus on Canada and the United States
Tariffs affect many facets of the economy, including inflation. The imposition of tariffs by the United States and countermeasure tariffs by the Canadian government can result in varying effects on final consumer prices. Read more about the potential impacts of US tariffs on the Bank of Canada’s website.
No special adjustments will be required to the Consumer Price Index for tariffs, as their effect is embedded in the final prices collected.
Statistics Canada will continue to monitor developments on tariffs and the impact on consumer price inflation.
For more data and insights on areas touched by the socio-economic relationship between Canada and the United States, see the Focus on Canada and the United States webpage.
Regional highlights
On a yearly basis, prices rose at a slower pace in eight provinces in March compared with February. Nova Scotia (+2.3%) was the only province with accelerating price growth, due to higher prices for shelter (+4.8%).