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March 24, 2017ANALYSIS OF NOVA SCOTIA'S CONSUMER PRICE INDEX FOR FEBRUARY 2017 In Nova Scotia February 2017, annual consumer price inflation (year-over-year growth) was 1.4 per cent, below the national average of 2.0 per cent. Monthly consumer prices decreased 0.2 per cent in Nova Scotia, while nationally prices increased 0.2 per cent.
Within Atlantic Canada, Newfoundland and Labrador (+4.2 per cent), New Brunswick (+2.8 per cent) had the highest annual inflation compared with Prince Edward Island (+1.5 per cent) and Nova Scotia (+1.4 per cent). 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 February.
Nova Scotia's annual consumer price inflation (year over year growth in CPI) excluding food and energy also rose 1.4 per cent in February, below the national rate of 2.0 per cent. Price level gains for this index were largest in Newfoundland and Labrador (+3.5 per cent) and New Brunswick (+3.0 per cent) and lowest in Saskatchewan (+0.9 per cent). On a monthly basis, Nova Scotia's index excluding food and energy increased 0.2 per cent.
The main contributors to the monthly (Feb 2017 vs. Jan 2017) NS CPI movement:
Travel tours (unavailable)
Women's clothing (+3.5 per cent)
Gasoline (-6.4 per cent)
Telephone services (-1.6 per cent)
The main contributors to the annual (Feb 2017 vs. Feb 2016) NS CPI movement:
Gasoline (+20.7 per cent)
Purchase and leasing of passenger vehicles (+3.3 per cent)
Fresh vegetables (-26.8 per cent)
Fresh fruit (-13.8 per cent)
The CPI for food in Nova Scotia declined 4.0 per cent year-over-year with a 0.3 per cent decrease month-over-month. CPI growth in food (year over year) declined in all provinces, with the largest decline in Prince Edward Island. Nationally, annual food prices declined 2.3 per cent.
The Nova Scotia energy index increased by 12.1 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 Newfoundland and Labrador (+20.0 per cent) and Alberta (+18.1 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 February 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 (+1.4 per cent) than for Canada (+2.0 per cent).
Bank of Canada's preferred measures of core inflation
Compared with February 2016, CPI-Common rose 1.3 per, CPI-Median rose 1.9 per cent, and CPI-Trim rose 1.6 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 February 2017. Except for a 0.1 percentage point drop in CPI-Trim in February, all measures of core inflation were unchanged from January.
Appendix Tables
Source: Statistics Canada CANSIM Tables 326-0020 , 326-0023
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