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October 17, 2014ANALYSIS OF NOVA SCOTIA'S CONSUMER PRICE INDEX FOR SEPTEMBER 2014 At 1.7 per cent year over year, Nova Scotia's consumer price index was below the national average of 2.0 per cent from September 2013 to September 2014. Within Atlantic Canada, Newfoundland and Labrador posted the highest year over year CPI increase (+2.0%). New Brunswick's CPI increased 1.4 per cent and PEI posted an increase of 1.2 per cent. West of Atlantic Canada, the lowest inflation year over year was in BC at 1.2 per cent and the highest was Alberta and Ontario at 2.6 per cent.
This month's 1.7 per cent year over year increase in the Consumer Price Index is slightly lower than the year to date (Jan-Sept) average for Nova Scotia (1.9%).
Main contributors to monthly (September 2014 vs. August 2014) NS CPI movement:
-Furniture (+10.1%)
-Women's clothing (+9.4%)
-Sugar and confectionery (-2.7%)
-Traveller accommodation (-4.2%)
Main contributors to annual (September 2014 vs. September 2013) NS CPI movement:
-Fresh or frozen beef (+25.3%)
-Cigarettes (+9.5%)
-Sugar and confectionery (-5.0%)
-Home entertainment equipment, parts and services (-7.5%)
The CPI growth for food (year over year) in Nova Scotia was 2.4 per cent, equal to the year over year increase in the energy index (see the following two charts).
The following table shows the price increases specific to Nova Scotia for the major components of the CPI this month:
Long Run TrendsThe recent year over year trend in the All-Items Consumer Price Index for Nova Scotia shows changes at the national and the provincial level not differing greatly (National at 2.1% this month, and Nova Scotia gaining by only 1.4%). While month to month movements in the indices can be different, over time they continue to follow the same overall trend.
This month's year over year trend in CPI less food and energy shows Canada's year over year (1.9%)outpacing Nova Scotia's annual rate of 1.4 per cent in September.
More information is available in the Economic Analysis and Reports section of the Department of Finance
website.