All Provinces and Territories Post Increases in March
Index of Consumer Spending
The Index of Consumer Spending (ICS) increased to 104.8 points in March, a 6.2-point increase from February (the month of April 2022 = 100).
- All provinces and territories saw increases in their ICS scores this month. Leading was Nunavut, which recorded a 9.8-point rise. Provincially, Nova Scotia led with an 8.9-point increase, while Ontario posted the smallest increase with 4.4 points.
- March’s consumer price index (CPI) came in at 2.9 per cent year-over-year. This was a slight increase of 0.1 percentage points compared with February’s data but remains within the Bank of Canada’s “target range” of 1 to 3 per cent.
- Nationally, the March ICS sits 3.6 points higher year-over-year. Gasoline prices over the period were 4.5 per cent higher, a rise that played a role in the increased spending.
- The monthly rise in March can be partially attributed to seasonal trends. Including this year, March has seen month-to-month increases in consumer spending in the last three years. If trends follow a similar path to past years, consumer spending could be expected to continue increasing into April and May.
- Alberta had sizable growth in its ICS, adding 7.8 points to its score. Helping this gain is its strong population growth that is firmly ahead of the other provinces. In 2024Q1, Alberta’s population grew by 0.9 per cent, well above the second-fastest growing province (Ontario). The latter grew only by 0.7 per cent.
Alberta
ICS improved 7.8 points.
Alberta’s March ICS saw the province increasing from 100.3 to 108.1 points.
British Columbia
ICS increased 6.3 points.
British Columbia’s March ICS rose from 98.3 points in February to 104.6 points.
Manitoba
ICS increased 4.8 points.
Manitoba’s March ICS rose to 106.5 points (up from 101.7 points).
New Brunswick
ICS increased 4.6 points.
New Brunswick’s March ICS increased from 104.2 to 108.8 points.
Newfoundland and Labrador
ICS increased 7.5 points.
Newfoundland and Labrador’s March ICS saw a strong increase from 99.0 to 106.5 points.
Northwest Territories
ICS increased 7.1 points.
The Northwest Territories’ March ICS had a second consecutive strong monthly increase from 115.5 points to 122.6 points.
Nova Scotia
ICS rose 8.9 points.
Nova Scotia’s March ICS increased to 117.1 (up from 108.2 points).
Nunavut
ICS jumped 9.8 points.
Nunavut’s March ICS posted the largest increase with the ICS increasing to 114.3 points from 104.5 points.
Ontario
ICS increased 4.4 points.
Ontario’s March ICS rose to 96.1 points, ending the string of three consecutive declines.
Prince Edward Island
ICS increased 8.4 points.
Prince Edward Island’s March ICS saw the province rising from 101.4 points in February to 109.8 points.
Quebec
ICS rose 8.5 points.
Quebec’s March ICS was 121.6 points—substantially higher than last year’s March ICS of 106.1 points.
Saskatchewan
ICS rose 8.1 points.
Saskatchewan’s March ICS showed the province increasing to 95.3 points from 87.2 points. This is the province’s first increase in the last nine months.
Yukon
ICS increased 4.9 points.
Yukon’s March ICS increased from 107.4 points to 112.3 points.
The Index of Consumer Spending (ICS) increased to 104.8 points in March
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The Index of Consumer Spending is powered by exclusive consumer transaction data provided by Moneris Data Services. Moneris is Canada’s number one payment processor with over 3.5 billion transactions spanning more than 325,000 merchant locations. Our index tracks incremental changes in net transaction volume month-over-month from a set starting point (April 2022 = 100), enabling us to gauge economic activity levels across the country and provide insights into how the Canadian economy is performing coast to coast.
Updates on this index will be released monthly.
The Index of Consumer Spending’s (ICS) methodology has been revised for releases from January 2024 onwards. The ICS no longer tracks the weekly year-on-year changes in consumer spending. Instead, the ICS now tracks the incremental changes in net transaction volume month-over-month, from a set starting point (April 2022 = 100).
Disclaimer: Forecasts and research often involve numerous assumptions and data sources and are subject to inherent risks and uncertainties. This information is not intended as specific investment, accounting, legal, or tax advice.