A substantial drop in gasoline prices was behind a drop in inflation last month.
Stats Canada's Consumer Price Index report for March was released on Tuesday morning, and it showed that inflation fell to 2.3 per cent compared to March 2024.
The rate in February was 2.6 per cent.
The biggest change nationwide was the drop in gasoline prices, helped by assorted factors.
"Year over year, consumers paid 1.6 per cent less at the pump in March following a 5.1 per cent increase in February," read the summary from Stats Canada. "The decline was largely a result of lower crude oil prices amid concerns of slowing global oil demand and slowing economic growth related to the threat of tariffs."
The recent removal of the carbon tax by the federal government also helped push gas prices down.
There was also a decline in prices for cell phone services in March. Prices fell by 8.8 per cent from March 2024.
Moderating the slowdown was the ending of the GST/HST holiday in mid-February. An increase in the cost of eating out was also a moderator, going up 3.2 per cent year-to-year following a decline in February.
Ontario was one of eight provinces that experienced a slower rate of price increases. Only one province, Nova Scotia, had an increase of 2.3 per cent, fueled by rising shelter costs.
The Consumer Price Index report for April will be released on May 20.