Canada’s Consumer Price Index (CPI) rose 2.4% year-on-year in March, according to figures released moments ago, compared to 1.8% in February. The core CPI, which excludes gasoline prices, rose 2.2% year-on-year, up from 2.4% in February.

On a monthly basis, the index rose 0.9% in March, following a 0.5% increase in February, exceeding expectations of a 1.1% rise.

The largest contributor to inflation in March came from the energy sector, which rose 3.9% year-on-year after a 9.3% decline in February. On a monthly basis, it rose 13.1%, with gasoline prices increasing 5.9% month-on-month and 21.2% year-on-year.