For additional information relating to this article, please contact:
November 21, 2014ANALYSIS OF NOVA SCOTIA'S CONSUMER PRICE INDEX FOR OCTOBER 2014 At 2.1 per cent year over year, Nova Scotia's consumer price index was below the national average of 2.4 per cent from October 2013 to October 2014. Within Atlantic Canada, Nova Scotia posted the highest year over year CPI increase. New Newfoundland and Labrador's CPI increased 1.8 per cent, Brunswick's CPI increased 1.6 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 1.1 per cent and the highest was Alberta and Ontario at 2.6 per cent.
This month's 2.1 per cent year over year increase in the Consumer Price Index is higher than the year to date (Jan-Oct) average for Nova Scotia (1.9%).
Nova Scotia's CPI excluding food and energy rose 2.0 per cent, even with the national rate on a year over year basis. Price level gains in British Columbia were up 0.5 per cent compared to a year earlier. CPI Excluding food and energy grew the most (+2.6%) in Ontario on a year over year basis.
Main contributors to monthly (October 2014 vs. September 2014) NS CPI movement:
-Paper, Plastic and foil supplies (+8.7%)
-Footwear (+8.4%)
-Traveller accommodation (-2.7%)
-Non-electrical kitchen utensils, tableware and cookware (-11.8%)
Main contributors to annual (October 2014 vs. October 2013) NS CPI movement:
- Footwear (+10.6%)
-Cigarettes (+9.7%)
-Home entertainment equipment, parts and services (-8.7%)
-Non-electrical kitchen utensils, tableware and cookware (-11.0%)
The CPI growth for food (year over year) in Nova Scotia was 1.9 per cent, lower 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 Trends
The 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 2.4% this month, and Nova Scotia gaining by 2.1%). 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 moving in line with Nova Scotia's annual rate of 2.0 per cent in October.
More information is available in the Economic Analysis and Reports section of the Department of Finance website.