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For additional information relating to this article, please contact:

Thomas StorringDirector – Economics and Statistics
Tel: 902-424-2410Email: thomas.storring@novascotia.ca

January 21, 2025
CONSUMER PRICE INDEX, DECEMBER & ANNUAL 2024

Year-over-year (December 2024 vs December 2023)

Please note that a temporary GST/HST break is in effect from December 14, 2024 to February 15, 2025, which will affect consumer prices reflected in provincial and national statistics. Major CPI components impacted by the tax break are food, recreation, and clothing and footwear, with approximately 10% of the All-item CPI basket affected by the exemption. Provinces with harmonized sales taxes (Ontario, New Brunswick, Newfoundland and Labrador, Nova Scotia and Prince Edward Island) will be more impacted than other provinces.

All items: Consumer prices in Nova Scotia increased 0.9%. The national average inflation was 1.8%. In Halifax consumer prices increased 1.3%.

All items excluding food and energy: Nova Scotia consumer prices outside of food and energy increased 1.6%. This was below the national average increase of 2.1%.

Month-over-month (December 2024 vs November 2024)

All items: Consumer prices in Nova Scotia were down -1.0%. Nationally, consumer prices were 0.4% lower than in the previous month. In Halifax consumer prices were down 1.0%.

All items excluding food and energy: Nova Scotia consumer prices excluding food and energy decreased 0.5% month over month in December 2024. Nationally, consumer prices outside of food and energy were 0.1% lower than in the previous month.

 

ANNUAL (2024 VS 2023)

 

Comparing the average of CPI in 2024 with the average in 2023, all-items CPI increased by 2.3% in Nova Scotia. National all-items CPI was up 2.4% in 2024. In Halifax, all-items CPI grew 2.6%. 

Excluding food and energy, Nova Scotia's inflation was 2.3% in 2024, below the national inflation of 2.6%. 

 

Source: Statistics Canada.  Table  18-10-0004-01   Consumer Price Index, monthly, not seasonally adjusted,  Table  18-10-0005-01   Consumer Price Index, annual average, not seasonally adjusted



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