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February 24, 2017ANALYSIS OF NOVA SCOTIA'S CONSUMER PRICE INDEX FOR JANUARY 2017 In Nova Scotia January 2017, annual inflation of consumer prices (year-over-year growth) was 1.8 per cent, below the national average of 2.1 per cent. Monthly consumer prices increased 0.8 per cent in Nova Scotia, while nationally prices increased 0.9 per cent.
Within Atlantic Canada, Newfoundland and Labrador (+4.7 per cent), New Brunswick (+3.3 per cent) and Prince Edward Island (+2.5 per cent) had higher annual inflation compared with Nova Scotia. On July 1, 2016, the provincial component of the harmonized sales tax (HST) increased in both Newfoundland and Labrador and New Brunswick. In Prince Edward Island, the provincial component of the HST was increased effective October 1, 2016.
All other provinces experienced positive annual inflation in January. Among these provinces, Alberta had the highest inflation (+2.5 per cent).
Nova Scotia's annual consumer price inflation (year over year growth in CPI) excluding food and energy rose 1.6 per cent, below the national rate of 2.2 per cent. Price level gains for this index were largest in Newfoundland and Labrador (+4.0 per cent) and New Brunswick (+3.4 per cent) and lowest in Quebec and Saskatchewan (both +1.3 per cent). On a monthly basis, Nova Scotia's index excluding food and energy increased 0.5 per cent.
The main contributors to the monthly (Jan 2017 vs. Dec 2016) NS CPI movement:
Purchase and leasing of passenger vehicles (+3.2 per cent)
Gasoline (+5.4 per cent)
Passenger vehicle insurance premiums (-2.8 per cent)
Footwear (-4.2 per cent)
The main contributors to the annual (Jan 2017 vs. Jan 2016) NS CPI movement:
Gasoline (+19.7 per cent)
Purchase and leasing of passenger vehicles (+3.9 per cent)
Fresh vegetables (-21.0 per cent)
Fresh fruit (-13.1 per cent)
The CPI for food in Nova Scotia declined 2.8 per cent year-over-year with a 0.6 per cent decrease month-over-month. CPI growth in food (year over year) declined in all provinces, with the largest decline in Manitoba. Nationally, annual food prices declined 2.1 per cent.
The Nova Scotia energy index increased by 11.0 per cent compared to a year ago. Energy prices were higher in all provinces compared to a year ago. Energy prices saw the largest increase in Alberta (+23.5 per cent).
Major Components
The following table shows the price increases specific to Nova Scotia for the major components of the CPI this month:
Long Run Trends
The All-Items CPI annual inflation rate for Nova Scotia was below Canada's in January 2017. Since June 2014, Nova Scotia's annual inflation has been below the Canadian average except for three months in 2016: January, September and November. While month to month movements in the indices can be different, over time they generally follow the same overall trend.
Annual inflation for the CPI excluding food and energy was lower for Nova Scotia (+1.6 per cent) than for Canada (+2.2 per cent).
Bank of Canada's preferred measures of core inflation
Compared with January 2016, CPI-Common rose 1.3 per, CPI-Median rose 1.9 per cent, and CPI-Trim rose 1.7 per cent in Canada. All-items CPI excluding eight of the most volatile components as defined by the Bank of Canada and excluding the effect of changes in indirect taxes (formerly referred to as CPIX) rose 1.7 per cent year over year in January 2017.
Appendix Tables
Source: Statistics Canada CANSIM Tables 326-0020 , 326-0023
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