In honour of Financial Literacy Month, we’ve asked our leading data experts to answer some of your frequently asked questions about the Consumer Price Index and inflation in Canada!
Which region in Canada has experienced the greatest inflation since March 2020?
Of the provinces, Prince Edward Island has had the highest inflation since the beginning of the COVID-19 pandemic (20.2%)
What is contributing the most to Canada's inflation?
Mortgage interest costs and rent have been the largest contributors every month since March 2023.
If inflation is going down, why are prices still high?
The most commonly reported Consumer Price Index figure is the 12-month percent change, which compares prices in the current month with prices in the same month of the previous year.
We are now comparing current prices with prices that were already at high levels in the previous year. Therefore, the 12-month percent change is minimal. Although inflation is slowing, prices are continuing to increase, but at a slower pace.
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Contact information
For more information, or to enquire about the concepts, methods or data quality of this release, contact us (toll-free 1-800-263-1136; 514-283-8300; infostats@statcan.gc.ca) or Media Relations (statcan.mediahotline-ligneinfomedias.statcan@statcan.gc.ca).