{"id":8106,"date":"2026-03-16T13:53:05","date_gmt":"2026-03-16T13:53:05","guid":{"rendered":"https:\/\/www.rbc.com\/en\/economics\/?p=8106"},"modified":"2026-04-03T00:19:21","modified_gmt":"2026-04-03T00:19:21","slug":"more-signs-of-easing-inflation-pressure-in-canada-ahead-of-rising-oil-prices","status":"publish","type":"post","link":"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/data-flashes\/more-signs-of-easing-inflation-pressure-in-canada-ahead-of-rising-oil-prices\/","title":{"rendered":"More signs of easing inflation pressure in Canada ahead of rising oil prices"},"content":{"rendered":"\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<h4 class=\"wp-block-heading has-rbc-bright-blue-color has-text-color has-link-color wp-elements-424e360956f0fcfee5d985cb6e2299b5\" id=\"h-the-bottom-line\">The Bottom Line:<\/h4>\n\n\n\n<p>Headline inflation slowed to 1.8% in February, though comparisons remain distorted by last year&#8217;s GST\/HST holiday (which extended through mid-February) biasing food prices higher, and the removal of the consumer carbon tax in April 2025, which depressed energy CPI.<\/p>\n\n\n\n<p>The Bank of Canada&#8217;s core trim and median CPI measures\u2014which exclude volatile monthly swings and indirect tax changes\u2014 offer clearer reads. In February, they continued to ease and averaged 2.3% year-over-year, the slowest pace in almost five years. On a three-month annualized basis, these measures averaged just 1% in February, well below the Bank of Canada\u2019s 2% target.<\/p>\n\n\n\n<p>While the moderation in those core CPI measures is welcome as it suggests easing demand-driven inflation pressure, Canadian households continue to face supply-side headwinds, particularly in grocery items like beef and coffee where production disruptions from adverse weather take time to resolve.<\/p>\n\n\n\n<p>That won\u2019t be the last of supply-driven inflation: elevated oil prices from ongoing Middle East tensions will translate into higher energy inflation in March. However, as we noted in our&nbsp;<a href=\"https:\/\/www.rbc.com\/en\/economics\/financial-markets-monthly\/north-american-growth-outlook-stable-as-middle-east-tensions-boost-inflation\/\" target=\"_blank\" data-dig-id=\"LP-CanadianAnalysis-DataFlashes-8106-a8ad2d4c\" data-dig-category=\"LP-CanadianAnalysis-DataFlashes\" data-dig-action=\"link click\" data-dig-label=\"March Forecast Update\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">March Forecast Update<\/a>, we don&#8217;t expect the Bank of Canada to rush to respond, until gaining more clarity on the scope, duration, and growth-inflation trade-off of the current shock.&nbsp;<\/p>\n\n\n\n<p>At this week&#8217;s meeting, we expect the BoC to recognize growing external uncertainty but continue to hold the overnight rate at its current, borderline accommodative level of 2.25%.&nbsp;<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n\n\n\n<div id=\"everviz-52sLO0X_6\" class=\"everviz-52sLO0X_6\" data-view=\"graph\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n\n\n\n<h4 class=\"wp-block-heading has-rbc-bright-blue-color has-text-color has-link-color wp-elements-0262082e3b54ccde665e9224bc3afc0a\" id=\"h-the-details\">The details:<\/h4>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-chevron-list mar-l-qtr mob-mar-l-qtr\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Food inflation in Canada slowed from 7.3% in January to 5.4% in February, with the impact of the temporary GST\/HST tax holiday a year ago\u2014which biased prices lower then and pushed restaurant CPI above 12% in January\u2014partially unwinding.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>The distortion to food inflation should fully normalize in March as the tax break ended midway through February.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Energy CPI rose slightly but remained well below 0% (-9.3%) in February due to distortions tied to the removal of the consumer carbon tax last April, which will only disappear in May.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>The Bank of Canada&#8217;s core trim and median CPI measures posted a fourth consecutive month of very modest month-over-month (seasonally adjusted) gains, averaging 0.1% in February. The soft readings in recent months were driven by persistent easing in shelter inflation as rent and owned accommodation CPI both moderated.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Rent CPI fell below 4% in February (3.9%) for the first time in four years. Among owned accommodation components, the year-over-year growth in mortgage interest cost eased to 0.7% as the renewal headwind from higher rates in 2023 and 2024 continues to unwind.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Overall, shelter inflation stood at 1.5% in February, the lowest reading in five years.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Further stripping out goods and shelter components from CPI trim, the Bank of Canada&#8217;s narrow &#8220;supercore&#8221; measure also eased below 2% on a three-month annualized basis, to 1.6% from 2.5% in January.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>The easing in inflation pressure was broad-based, with about 31% of the consumer basket seeing price growth above a 3% annualized rate between December and February, down from 42% in January.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;69d34de6befd4&quot;}\" data-wp-interactive=\"core\/image\" data-wp-key=\"69d34de6befd4\" class=\"wp-block-image size-full wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"8362\" height=\"9480\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on--click=\"actions.showLightbox\" data-wp-on--load=\"callbacks.setButtonStyles\" data-wp-on-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/03\/CPI-table-Mar-2026.png?quality=80\" alt=\"\" class=\"wp-image-8112\" srcset=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/03\/CPI-table-Mar-2026.png 8362w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/03\/CPI-table-Mar-2026.png?resize=265,300 265w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/03\/CPI-table-Mar-2026.png?resize=768,871 768w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/03\/CPI-table-Mar-2026.png?resize=903,1024 903w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/03\/CPI-table-Mar-2026.png?resize=1355,1536 1355w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/03\/CPI-table-Mar-2026.png?resize=1806,2048 1806w\" sizes=\"auto, (max-width: 8362px) 100vw, 8362px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n\n\n\n<p class=\"has-text-align-center\"><strong>About the author<\/strong><\/p>\n\n\n\n<p><em><em><strong>Claire Fan<\/strong><em>&nbsp;is a Senior Economist at RBC. She focuses on macroeconomic analysis and is responsible for projecting key indicators including GDP, employment and inflation for Canada and the US.<\/em><\/em><\/em><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":318,"featured_media":1133,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","footnotes":""},"categories":[83,93],"tags":[115,65,126],"class_list":["post-8106","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-canadian-analysis","category-data-flashes","tag-canada","tag-inflation","tag-oil-price"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.7 (Yoast SEO v26.8) - 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