'Data For Business' is an effort of the Langley Chamber, in partnership with the Canadian Chamber, to bring our members reports, stats and analysis on economic and business data to help inform business and investment decisions.  Read our latest update below:

The Consumer Price lndex (CPI) rose 2.9% on a year-over-year basis in March 2024, up from a 2.8% gain in February.  In BC specifically, March CPI ticked up to 2.7% from 2.6% in February, one of seven provinces where the CPI accelerated. 

Gasoline prices contributed the most to the year-over-year headline acceleration, as prices at the pump rose faster in March compared with February Shelter prices increased 6.5% year over year in March, rising at the same rate as in February. Year over year, gasoline prices increased 4.5% in March, following an 0.8% rise in February.  Stripping out gasoline, CPI actually slowed to a 2.8% year-over-year increase, down from a 2.9% gain in February.

Core inflation (CPI-trim) and median CPI -- two measures said to be more favoured by the Bank of Canada -- both declined this month slightly, perhaps providing further evidence of slowly cooling inflation, which would be a requirement for a possible interest rate cut in June, as has been forecast by many economists.   Core CPI-trim declined to 3.1% (from 3.2%) and median CPI declined to 2.8% (from 3.0% in February). 

On a seasonally adjusted monthly basis, the clothing and footwear index rose in March (+1.4%) following declines in January (-1.8%) and February (-2.3%), the two largest declines since the onset of the COVID-19 pandemic   Prices for services (+4.5%) continued to rise in March compared with February (+4.2%), driven by air transportation and rent, outpacing price growth for goods (+1.1%) which slowed compared with February (+1.2%) on a yearly basis.