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September 23, 2016ANALYSIS OF NOVA SCOTIA'S CONSUMER PRICE INDEX FOR AUGUST 2016 In Nova Scotia August 2016, annual inflation of consumer prices (year-over-year growth) was 0.9 per cent, below the national average of 1.1 per cent. Monthly consumer prices were unchanged in Nova Scotia, while nationally prices declined 0.2 per cent.
Within Atlantic Canada, Newfoundland and Labrador (+3.0 per cent), New Brunswick (+2.2 per cent) had higher annual consumer price inflation while Prince Edward Island (+0.4 per cent) had lower annual inflation. Among the other provinces, Quebec had the lowest increase (+0.1 per cent) while British Columbia (+2.0 per cent) had the highest.
Nova Scotia's annual consumer price inflation (year over year growth in CPI) excluding food and energy rose 2.1 per cent, slightly higher than the national rate (+1.9 per cent). Price level gains for this index were largest in New Brunswick (+3.8 per cent) and Newfoundland and Labrador (+3.5 per cent) and lowest in Quebec (+0.8 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 (Aug 2016 vs. Jul 2016) NS CPI movement:
Traveller accommodation (+8.4 per cent)
Furniture (+7.1 per cent)
Fresh vegetables (-7.5 per cent)
Purchase and leasing of passenger vehicles (-0.8 per cent)
The main contributors to the annual (Aug 2016 vs. Aug 2015) NS CPI movement:
Purchase and leasing of passenger vehicles (+5.3 per cent)
Traveller accommodation (+9.8 per cent)
Gasoline (-13.0 per cent)
Footwear (-14.5 per cent)
The CPI growth for food (year over year) in Nova Scotia was 1.6 per cent with a 0.1 per cent decrease month over month. CPI growth in food (year over year) was highest in Alberta (+2.3 per cent) and lowest in New Brunswick (+0.1 per cent) in August. Nationally, food prices posted their smallest year-over-year gain since February 2014, rising 1.1 per cent for August after a 1.6 per cent increase the previous month. Prices for food purchased from stores recorded their smallest year-over-year gain since June 2010, up 0.4 per cent in August.
The Nova Scotia energy index was lower by 8.2 per cent compared to a year ago. Energy prices were lower in all provinces compared to August 2015 except in Newfoundland and Labrador.
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 Consumer Price Index for Nova Scotia has been below the annual rate of the Canadian All-Items CPI rate for the last twenty-seven months, with the exception of January 2016 where both year over year indices were up 2.0 per cent. In August 2016, the gap narrowed compared to July's year over price changes, with Nova Scotia prices growing 0.9 per cent in August and Canada's growing at 1.1 per cent. While month to month movements in the indices can be different, over time they generally follow the same overall trend.
This month's year over year trend in CPI less food and energy shows Nova Scotia's price growth for all-items excluding food and energy (up 2.1 per cent year over year) just above Canada's (1.9 per cent year over year).
Appendix Tables
Source: Statistics Canada CANSIM Tables 326-0020