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July 20, 2022ANALYSIS OF NOVA SCOTIA'S CONSUMER PRICE INDEX FOR JUNE 2022 TRENDS – June 2022
Nova Scotia’s All-Items Consumer Price Index (CPI) increased 9.3% year-over-year in June 2022, up from the 8.8% year-over-year increase in May. Inflation was previously higher in the province in July 1982 (9.8%). Nationally, consumer prices also accelerated from 7.7% last month to being 8.1% higher than June 2021. This was also the fastest national inflation since January 1983.
Inflation was highest in Prince Edward Island (+10.9%) while Ontario and British Columbia (both +7.9%) had the lowest. Compared to the previous month, all provinces had increases in the CPI index in June 2022 including Nova Scotia (+0.5%).
Nova Scotia’s consumer price inflation (year-over-year) excluding food and energy increased 4.7% in June 2022. Consumer prices excluding food and energy were up in all provinces led by Manitoba and British Columbia (both +6.5%). Newfoundland and Labrador had the smallest increase at 3.4%.
For Canada, prices for services increased 5.2% in June, unchanged from the annual increase reported last month. Homeowners' replacement cost, other owned accommodation expenses, food purchased from restaurants, rent, and traveller accommodation contributed to the year-over-year increase. Prices for traveller accommodation (+49.7%) were notably higher in several provinces, including Nova Scotia (+54.7%).
The CPI for food in Nova Scotia increased 8.8% year-over-year in June 2022. Nationally, food prices were also up 8.8% from a year earlier. All provinces recorded year-over-year increase in food prices led by Prince Edward Island (+10.4%). Saskatchewan had the lowest increase at 6.7%.
Compared to the previous month, food prices in Nova Scotia were up 0.2%, slightly higher the national average of 0.1%. Ontarion and British Columbia recorded seasonally unadjusted month-over-month declines in food prices in June.
Canadians paid 9.4% more for food purchased from stores when compared to June 2021 - lower than the 9.7% increase recorded in May. Prices rose in nearly all food products as supply chain disruptions, higher transportation and input costs put pressure on prices. Meat prices were up 8.0%, a slower pace than previous month (+9.0%). Edible fats and oils prices were 28.8% higher compared to June 2021.
Year-over-year, shelter costs in Nova Scotia increased 9.4% in June 2022.
In June, shelter prices increased 7.1% year-over-year across Canada, slower than the 7.4% year-over-year increase recorded in May. Owned accommodation expenses slowed.
Compared to June 2021, shelter prices were up in all provinces with the largest increase in Prince Edward Island (+12.3%) and the smallest increase in Saskatchewan (+4.3%).
Nova Scotia's consumer price inflation (year-over-year growth in CPI) for energy was 45.8% in June, above the national average of 38.8%. Prince Edward Island (+57.7%) posted the largest year-over-year increases while British Columbia (+31.5%) had the smallest change in the energy index.
Canadian customers paid 54.6% more for gasoline in June 2022 when compared to the previous year. Nova Scotians paid 60.5% more for gasoline in June from the previous year. Compared to May 2022, gasoline prices were up 6.2% both in Canada and Nova Scotia this month.
Nova Scotia's consumer price inflation (year-over-year growth in CPI) excluding energy was 5.5% in June compared to a national rate of 6.0%. Manitoba and British Columbia (both +6.7%) posted the largest year-over-year gain while Newfoundland and Labrador (+4.5%) had the smallest change in the CPI excluding energy.
Major Components for May 2022
The following table shows the price increases specific to Nova Scotia for the major components of the CPI this month.
The main contributors to the monthly change (June 2022 vs May 2022) in Nova Scotia CPI were:
- Gasoline (+6.2%)
- Purchase and leasing of passanger vehicles (+1.6%)
- Homeowners' replacement cost (+2.9%)
- Fuel oil and other fuels (-13.0%)
- Child care and housekeeping services (-15.1%)
- Non-alcoholic beverages (-5.2%)
The main contributors to the yearly change (June 2022 vs June 2021) in Nova Scotia CPI were:
- Gasoline (+60.5%)
- Fuel oil and other fuels (+71.5%)
- Rent (+8.2%)
- Video and audio subscription services (-8.9%)
- Travel tours (downward contribution, percent change not available)
- Mortgage interest cost (downward contribution, percent change not available)
Long Run Trends
In June 2022, the all-items CPI year-over-year inflation rate for Nova Scotia was 9.3%, above the national inflation rate of 8.1%. This was the highest inflation in Nova Scotia July 1982 (+9.8%).
Nova Scotia’s CPI excluding food and energy increased 4.7%. Canada CPI excluding food and energy rose 5.3%. The NS CPI excluding food and energy was previously higher in March 2003 (+5.1%).
Bank of Canada's preferred measures of core inflation
Compared to June 2021, CPI-Common increased 4.6%, CPI-Median increased 4.9% and CPI-Trim was up 5.5% in Canada. All-items CPI excluding eight of the most volatile components as defined by the Bank of Canada and excluding the effect of changes in indirect taxes (formerly referred to as CPIX), rose 6.2% year-over-year. The change in the core inflation measures was up 0.1 percentage points for CPI-common, CPI-trim and unchanged for CPI-median from the previous 12-month period.
Appendix Tables and Charts
Basket Update - May 2021
As part of schedule update, Statistics Canada has updated the basket weights based on 2021 expenditures. A used vehicle price was introduced into the CPI Compared to the previous basket reference year of 2020 for Nova Scotia, increase weight for transportation (+2.04 percentage points) and clothing and footwear (+0.52 percentage points) were offset by lower weights for food (-0.5 percentage points), shelter (-0.53 percentage points), health and personal care (-0.65 percentage points) and recreation, education and reading (-0.5 percentage points). Statistics Canada noted that at national level the headline CPI growth rate would be the same using the previous weights. For full details on the weight update, see An Analysis of the 2022 Consumer Price Index Basket Update, Based on 2021 Expenditures.
Source: Statistics Canada. Table 18-10-0004-01 Consumer Price Index, monthly, not seasonally adjusted; Table 18-10-0256-01 Consumer Price Index (CPI) statistics, measures of core inflation and other related statistics - Bank of Canada definitions
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