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April 17, 2014ANALYSIS OF NOVA SCOTIA'S CONSUMER PRICE INDEX FOR MARCH 2014 At 1.7 per cent year over year, Nova Scotia's consumer price index was above the national average of 1.5 per cent from March 2013 to March 2014. Within Atlantic Canada, New Brunswick posted the lowest year over year CPI increase (+1.5%). Newfoundland and Labrador increased 2.0 per cent, and PEI increased 3.0 per cent, year over year. West of the Maritimes, the highest inflation year over year was in Alberta (+3.9 per cent).
Nova Scotia's CPI excluding food and energy rose 1.6 per cent, above the national rate on a year over year basis. Prices in BC were up 0.1 per cent compared to a year earlier. CPI Excluding food and energy grew the most (+2.5%) in PEI on a year over year basis.
Main contributors to monthly (March 2014 vs. February 2014) NS CPI movement:
- Footwear (+10.0%)
- Non-alcoholic beverages (+5.7%)
- Home entertainment equipment, parts and services (-2.1%)
- Fresh or frozen pork (-8.7%)
Main contributors to annual (March 2014 vs. March 2013) NS CPI movement:
- Footwear (+12.1%)
- Cigarettes (+11.2%)
- Prescribed medicines (-5.3%)
- Home entertainment equipment, parts and services (-5.3%)
- Household appliances (-5.6%)
The CPI growth for food (year over year) in Nova Scotia was 0.6 per cent, while it was up 3.9 per cent for energy (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 both the national and the provincial level moving in the same direction. 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's CPI outpacing that of the national average.
More information is available in the Economic Analysis and Reports section of the Department of Finance
website.