Index of Consumer Spending for March 2026

Energy Price Surge Lifts Consumer Spending in March

Canada’s Index of Consumer Spending (ICS) gained 7.6 points between February and March 2026, mainly due to increasing oil prices as Iran closed the Strait of Hormuz in response to U.S.–Israeli strikes beginning in late February. As oil prices increased, the Bank of Canada held its overnight rate steady at 2.5 per cent.

Will a prolonged conflict between the U.S. and Iran and continued pressure on oil prices have different effects on consumer spending across the country? Does the Bank’s caution with interest rates point to rising inflation as oil prices rise and consumers see more pain at the pump? And how has consumer spending responded to the reduction of China’s tariffs?

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