Manitoba boasts lowest inflation rate for 2024

Manitoba led the country with the lowest annual inflation rate in 2024 at 1.1%, according to the latest Consumer Price Index (CPI). 

Manitoba’s Finance Minister Adrien Sala attributes this economic milestone to targeted policy measures aimed at reducing costs for Manitobans.

“Our government is focused on making life more affordable for Manitobans,” said Sala. 

“This report shows that our plan is working, as Manitoba had the lowest inflation rate in 2024 across Canada. The gas tax holiday helped ensure Manitobans had more money in their pockets to help afford things like their mortgage and groceries, and with a permanent cut to the gas tax and a hydro rate freeze in 2025, Manitobans can remain confident our government is doing everything we can to make life as affordable as possible.”

Sala noted that the drop in gasoline prices, primarily driven by the provincial fuel tax holiday, was a key factor in taming inflation. The province made the tax cut permanent on January 1, representing a 10% reduction in the fuel tax rate that had been in place previously.

Canada’s annual average inflation rate for 2024 stood at 2.4%. With Manitoba’s rate at 1.1%, economists and policy experts will be closely watching the province’s affordability measures and the effect they may continue to have on consumer prices in the coming year.