Removal of Carbon Tax Keeps Inflation Rates Low in Saskatchewan

Released on April 16, 2024

Consumer Price Index Increases Remain One of the Lowest in the Nation

Saskatchewan continues to tackle inflationary pressures. In March 2024, the consumer price index in Saskatchewan increased by only 1.5 per cent from March 2023 (seasonally-unadjusted). This is the second lowest increase in Canada, and well-below the national average of 2.9 per cent.

"Saskatchewan is well-below the national average in terms of consumer price index increases in Canada, and we are seeing further proof that removing the carbon tax on home heating is keeping inflation down," Trade and Export Development Minister Jeremy Harrison said. "We will continue to push back against policies and initiatives that are not in the best interest of Saskatchewan and help to make life more affordable for the people of our province."

The Consumer Price Index (CPI) measures changes in the price of goods and services over time. Inflation is indicated by the growth of CPI, which helps assess changes to the cost of living. An individual's ability to buy goods and services is affected by changes in income and prices.

Earlier today, Statistics Canada released their data on housing starts, where Saskatchewan saw an impressive increase of 12.1 per cent in March 2024, compared to March 2023. Housing starts on single family dwellings also increased by 35.7 per cent, and multiple units increased by 3.8 per cent compared to March 2023.

Government is committed to enabling Saskatchewan's economic growth, which can be seen with the launch of Securing the Next Decade of Growth: Saskatchewan's Investment Attraction Strategy, along with a new investSK.ca website. 

To learn more, visit InvestSK.ca.

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