According to the Consumer Price Index (CPI), consumers in Newfoundland and Labrador paid 2.6% more for goods and services in March 2026 than in March 2025.

Prices increased in most major categories in March 2026 compared to March 2025, led by the ‘Energy’ composite index, reflecting the recent surge in crude oil prices, after a sustained decline in overall energy prices over the last 12 months.

• In March 2026, ‘Energy’ prices increased by 6.7%. There was a significant increase in prices for ‘Fuel oil and other fuels’ (+38.0%) and an increase in ‘Gasoline’ (+2.2%). The year-over-year price increase for gasoline in March was influenced by the removal of the consumer carbon tax, effective April 1, 2025, limiting the effect of the sharp increase in Brent crude oil prices. The price of Brent crude oil averaged US$103.13 per barrel in March 2026, an increase of 41.8% compared with March 2025.
• Prices for ‘Health and personal care’ increased by 4.9%, with ‘Personal care’ increasing by 7.6%.
• Prices for ‘Shelter’ increased by 4.0%.
  • There was an increase for the ‘Rented accommodation’ index (+3.1%), which includes rent costs, and an increase in the ‘Owned accommodation’ index (+1.7%), which includes mortgage interest costs. While the mortgage interest cost index is not available for Newfoundland and Labrador, at the national level it rose at a much slower pace year-over-year in March (+0.3%), with growth slowing in every month after peaking at 30.9% in August 2023.
  • Shelter price changes were also impacted by higher prices for both ‘Fuel oil and other fuels’ (+38.0%) and ‘Electricity’ (+6.9%). Electricity rates in Newfoundland and Labrador increased by an average of 7.0% for residential consumers, effective July 1, 2025, as implemented by Newfoundland Power, the province’s primary electricity retailer.
• ‘Food’ prices increased by 3.2% compared to March 2025. There was an increase in prices for both ‘Food purchased from stores’ (+3.7%) and ‘Food purchased from restaurants’ (+2.0%).
  • Price increases for food purchased from stores were largely attributable to higher prices of ‘Meat’ (+6.9%), particularly ‘Fresh or frozen pork’ (+15.9%) and ‘Fresh or frozen beef’ (+12.2%). Prices also increased significantly for ‘Coffee and tea’ (+14.0%).

The ‘All-items excluding energy’ index increased by 2.1% in March 2026 compared to March 2025.

At the national level, the CPI rose by 2.4% on a year-over-year basis in March 2026 compared to March 2025. Among provinces, the highest inflation rate was in Nova Scotia and Manitoba (+3.0%), while the lowest was in Ontario (+1.9%).

On a seasonally adjusted basis, consumer prices in Canada increased by 0.5% from February to March 2026. Seasonally adjusted CPI data are not available for Newfoundland and Labrador.

The United States CPI for all urban consumers increased by 3.3% in March 2026 compared to March 2025. The seasonally adjusted series increased by 0.9% in March 2026 compared to February 2026.

On a year-to-date basis, consumers in Newfoundland and Labrador paid 2.3% more for goods and services in the January to March 2026 period compared to the same period of 2025, led by higher prices for ‘Food’ (+6.1%). The changes in prices for food items during this period are partly related to the temporary GST/HST reduction that was implemented by the federal and provincial governments from December 14, 2024, to February 15, 2025.

Year-Over-Year Change in CPI, March 2026 vs. March 2025