Statistics Canada says PEI’s annual inflation rate stood at 3.9 per cent in March, while the country’s annual inflation rate fell to 4.3 per cent last month – down from 5.2 per cent in February.
That’s the lowest it’s been since August 2021 as global price pressures ease and high interest rates weigh on the economy.
The federal agency says Canadians paid more for mortgage interest last month, but that cost increase was offset by lower energy prices.
Lower prices for fruits and vegetables led to a deceleration in grocery prices as well, with prices up 9.7 per cent in March, down from 10.6 per cent in February.
Inflation in Canada is expected to continue decelerating this year, with most economists forecasting the annual rate to fall to three per cent by mid-2023.
