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May 22, 2015ANALYSIS OF NOVA SCOTIA'S CONSUMER PRICE INDEX FOR APRIL 2015 At 0.3 per cent year over year, Nova Scotia's consumer price index was below the national average (0.8%) from April 2014 to April 2015. Monthly CPI increase for Nova Scotia was -0.1 per cent, equal to the national average this month.
Within Atlantic Canada, PEI posted the largest year over year CPI decrease (-0.7%). Newfoundland and Labrador (-0.5%) and New Brunswick (-0.5%) were also declining. Year-over-year CPI declines in the region outpaced the national average; only Nova Scotia showed a year over year increase. Consumer prices in all provinces west of New Brunswick all increased on a year over year basis, with Saskatchewan's rising the most (1.2%).
Nova Scotia's CPI excluding food and energy rose 1.8 per cent, lower than the national rate (1.9%) on a year over year basis. Price level gains for this index were highest in Saskatchewan (both +2.3%) and lowest in Newfoundland and Labrador (+0.9%). On a monthly basis, Nova Scotia's index excluding food and energy rose by 0.1 per cent, slightly higher than the national average (0.0%).
Main contributors to monthly (April 2015 vs. March 2015) NS CPI movement:
-Children's clothing (+8.7%)
-Sugar and confectionery (+7.7%)
-Footwear (-5.5%)
-Fuel oil and other fuels (-8.0%)
Main contributors to annual (April 2015 vs. April 2014) NS CPI movement:
-Fresh or frozen beef (+25.3%)
-Homeowners' home and mortgage insurance (+10.5%)
-Fuel oil and other fuels (-18.2%)
-Gasoline (-20.1%)
The CPI growth for food (year over year) in Nova Scotia was 4.4 per cent, and the energy index dipped 13.9 per cent compared to a year ago (see the following two charts). The Nova Scotia food index recorded a 0.5 per cent increase compared to March 2015.
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 the annual CPI rate of change moving in the same direction as the national indicator (though not as large a drop). 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 Nova Scotia rising with the national average, but below the Canadian level.
APPENDIX TABLES
