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The annual inflation rate in Canada rose to 2.9% in March of 2024 from the eight-month low of 2.8% in February, roughly in line with the Bank of Canada’s forecast of 3% in the first half of 2024. A sharp rise in gasoline prices (4.5% vs 0.8% in February) pushed transportation inflation to 3% (vs 2.2%). Looking further, prolonged period of restrictive interest rates by the Bank of Canada, in addition to increasing Treasury yields in the US, lifted mortgage interest costs by 25.4% annually. As a result, average rents grew faster (8.5% vs 8.2%), keeping rents inflation at 6.5%. On the other hand, food inflation slowed (3% vs 3.3%), while deflation moderated for clothing and footwear (-2.7% vs -4.2%). Meanwhile, the BoC-watched trimmed mean (3.1% vs 3.2%) and median (2.8% vs 3.1%) core rates slowed more than expected.