Canadians got a bit of relief from rising prices in March, as new data from Statistics Canada shows inflation cooled to 2.3%, compared to 2.6% in February.
A key reason for the decline was lower gasoline prices, which brought some financial ease for motorists across the country.
Another significant factor was a 12% drop in airfare prices compared to the same time last year. StatsCan attributed this drop in flight costs to a decrease in travel to the United States.
Interestingly, March was the first full month without the federal government’s temporary tax holiday, which had been in place earlier. Statistics Canada noted that the absence of this tax break slightly slowed the overall decline in inflation — meaning inflation might have been even lower had the tax holiday still been in effect.
Still, the numbers show a promising trend for Canadians who have been grappling with high prices over the past couple of years.