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August 18, 2017ANALYSIS OF NOVA SCOTIA'S CONSUMER PRICE INDEX FOR JULY 2017 In Nova Scotia July 2017, annual consumer price inflation (year-over-year growth) was 0.9 per cent, below the national average of 1.2 per cent. Monthly consumer prices were stable (0.0 per cent) in Nova Scotia and in Canada.
Within Atlantic Canada, PEI (+1.8%), New Brunswick (+1.4 per cent) and Newfoundland and Labrador (+1.0%) had higher inflation than in Nova Scotia (0.9 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 July.
Nova Scotia's annual consumer price inflation (year over year growth in CPI) excluding food and energy rose 1.2 per cent in July, below the national rate of 1.5 per cent. Price level gains for this index were largest in PEI (+2.5 per cent), and lowest in Quebec (+0.6 per cent). On a monthly basis, Nova Scotia's index excluding food and energy increased 0.3 per cent.
The main contributors to the monthly (July 2017 vs. June 2017) NS CPI movement:
Traveller accommodation (+14.6%)
Men's clothing (+6.8%)
Purchase and leasing of passenger vehicles (-1.4%)
Fuel oil and other fuels (-1.5%)
The main contributors to the annual (July 2017 vs. July 2016) NS CPI movement:
Traveller accommodation (+11.6%)
Fuel oil and other fuels (+7.9%)
Internet access services (-8.3%)
Non-alcoholic beverages (-10.6%)
The CPI for food in Nova Scotia declined 2.2 per cent year-over-year with a 0.7 per cent decrease month-over-month. CPI growth in food (year over year) declined in all Atlantic provinces and in Manitoba. Nationally, annual food prices increased 0.6 per cent.
The Nova Scotia energy index increased by 4.7 per cent compared to a year ago (July and August of 2016 showed declines in inflation for this category, though energy prices have been relatively stable on a month to month basis through 2017). Energy prices were lower in Ontario and Manitoba compared to a year ago and nationally, the index was up 0.3 per cent. Energy prices saw the largest increase in Nova Scotia, followed by Alberta and BC.
Major Components for July 2017
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 July 2017. Since July 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 (+1.2 per cent) than for Canada (+1.5 per cent).
Bank of Canada's preferred measures of core inflation
Compared with July 2016, CPI-Common rose 1.4 per, CPI-Median rose 1.7 per cent, and CPI-Trim rose 1.3 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 0.9 per cent year over year in July 2017.
Appendix Tables
Source: Statistics Canada CANSIM Tables 326-0020 , 326-0023
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