Statistics Canada set to report March inflation data

A woman gasses up at a gas station in Mississauga, Ont., Tuesday, February 13, 2024. THE CANADIAN PRESS/Christopher Katsarov

OTTAWA — Statistics Canada is set to report fresh inflation data for March this morning.

Economists are widely expecting higher gas prices from the Iran war oil shock will drive a jump in the headline inflation figure.

A Reuters poll shows economists expect the annual rate of inflation to accelerate to 2.5 per cent in March, from 1.8 per cent in February, according to LSEG Data & Analytics.

RBC senior economist Claire Fan says the headline inflation rate would have come in even higher, but the federal government’s move to kill the consumer carbon price last year is still taking some steam out of the annual price comparisons.

The Bank of Canada has signalled it will look through the initial inflationary spike tied to the Middle East conflict but will act to ensure higher gas prices don’t turn into longer-term inflation.

The central bank is set to release updated forecasts for inflation and the economy alongside its next interest rate announcement on April 29.

This report by The Canadian Press was first published April 20, 2026.

Craig Lord, The Canadian Press