According to the Consumer Price Index (CPI), consumers in Newfoundland and Labrador paid 3.1% more for goods and services in March 2024 than in March 2023. This represents a small rebound in the year-over-year inflation rate, as inflation rates in January and February were both below 3%.

The inflation rate for the province reached a year-over-year high of 8.2% in June 2022, and while there have been fluctuations largely tied to energy prices, it has trended downward since. Crude oil (Brent) averaged US$85.41 in March 2024, up 8.9% in comparison to March 2023.

Price increases were more broad-based in March 2024 compared to March 2023, but were led again by essentials such as shelter, food, gasoline, and health and personal care.

• ‘Shelter’ prices increased 6.6%, pushed up by both the ‘Owned accommodation’ index (+6.6%), which includes mortgage interest costs, and the ‘Rented accommodation’ index (+10.7%), which includes rent costs.
• ‘Food’ prices increased by 4.5%. After reaching a peak of 11.1% in November 2022, food inflation trended downward throughout most of 2023, but remained higher than overall inflation. Food inflation in March 2024 was more pronounced in ‘Meat’ (+4.6%) and ‘Dairy products and eggs’ (+4.5%).
• ‘Energy’ prices increased 3.9%, reflecting gains in ‘Gasoline’ (+5.1%) and ‘Electricity’ (+6.5%), partly offset by lower prices for ‘Fuel oil and other fuels’ (-11.6%).
• ‘Health and personal care’ prices increased by 5.6%, driven by an increase in both health care (+6.1%) and personal care (+5.3%).

At the national level, the CPI rose 2.9% on a year-over-year basis in March 2024. Newfoundland and Labrador’s March 2024 rate of inflation (+3.1%) was slightly higher than the inflation for Canada (+2.9%). Among provinces, the highest inflation rate was in Quebec (+3.6%) while the lowest was in Manitoba (+0.8%).

On a year-to-date basis, consumers in Newfoundland and Labrador paid 2.6% more for goods and services in the January to March 2024 period compared to the same period last year. This increase was led by higher prices for ‘Health and personal care’ (+6.4%), ‘Shelter’ (+5.4%) and ‘Food’ (+4.6%).

Statistical Reference: For the latest in consumer price index statistics visit the Newfoundland & Labrador Statistics Agency site and check the release dates on the Statistics Canada site.