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Consumer Price Index
The Consumer Price Index (CPI) is an indicator of changes in consumer prices experienced by Canadians. It is obtained by comparing, over time, the cost of a fixed basket of goods and services purchased by consumers. Since the basket contains goods and services of unchanging or equivalent quantity and quality, the index reflects only pure price change.

The CPI is widely used as an indicator of the change in the general level of consumer prices or the rate of inflation. Since the purchasing power of money is affected by changes in prices, the CPI is useful to virtually all Canadians. Consumers can compare movements in the CPI to changes in their personal income to monitor and evaluate changes in their financial situation.
For the latest information and historical data, please contact the individual listed below:

Mike Milloy
Planning and Development Officer
Tel:902-424-8800
Email: Mike.Milloy@novascotia.ca


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Currently displaying information released on: September, 2018

ANALYSIS OF NOVA SCOTIA'S CONSUMER PRICE INDEX FOR AUGUST 2018

In Nova Scotia August 2018, year over year growth for the All-Items Consumer Price Index was 2.7 per cent, below the national average of 2.8 per cent. Monthly consumer prices were up 0.1 per cent in Nova Scotia and down 0.1 per cent nationally. 

Within Atlantic Canada, PEI had the highest year over year consumer price inflation (+3.0 per cent), with Nova Scotia prices growing faster than both New Brunswick (+2.6%) and Newfoundland and Labrador (+2.5%). 

In August 2018, all provinces experienced positive year over year inflation.

Nova Scotia's annual consumer price inflation (year over year growth in CPI) excluding food and energy rose 2.0 per cent in August, below the national rate of 2.3 per cent. Price level gains for this index were largest in BC (+2.8 per cent) and Ontario (+2.7 per cent) and lowest in Newfoundland and Labrador (+1.6 per cent). On a monthly basis, Nova Scotia's index excluding food and energy was up 0.2 per cent.

 
The main contributors to the monthly (August 2018 vs. July 2018) NS CPI movement:
Traveller Accommodation  (+8.8%)
Clothing accessories, watches and jewellery (+4.5%)
Internet access services (-3.3%)
Fresh fruit (-7.5%)
 
The main contributors to the annual (August 2018 vs. August 2017) NS CPI movement:
Inter-city transportation (+25.8%)
Fuel oil and other fuels (+18.8%)
Recreational equipment and services (-7.9%)
Fresh or frozen chicken (-11.5%)
 
The CPI for food in Nova Scotia increased 0.5 per cent year-over-year with a 0.7 per cent increase month-over-month. CPI growth in food (year over year) was up in nine provinces, with only Saskatchewan reporting a decline. Nationally, annual food prices increased 1.6 per cent. 

The Nova Scotia energy index increased by 11.9 per cent compared to a year ago. Energy price growth was smallest in BC (+8.2 per cent) on a year over year basis, and largest in Alberta (+19.2%). Nationally, the index was up 11.2 per cent.  

 
Major Components for August 2018

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 CPI year over year inflation rate for Nova Scotia was below Canada's in August 2018.  Nova Scotia's annual inflation has remained below the Canadian average since mid-2014, with the exception of only a few months. While month to month movements in the indices can be different, over time they generally follow the same overall trend.

Annual inflation for the CPI excluding food and energy was lower for Nova Scotia (+2.0 per cent) than for Canada (+2.3 per cent) in August.

Bank of Canada's preferred measures of core inflation

Compared with August 2017, CPI-Trim rose 2.2 per cent, CPI-Median rose 2.1 per cent and CPI-Common rose 2.0 per cent 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 1.7 per cent year over year in August 2018.  

 

Appendix Tables and Charts

Source: Statistics Canada data portal: Tables 18-10-0004-01 and 18-10-0256-01

CONSUMER PRICE INDEX AUGUST 2018



NOVA SCOTIA


In Nova Scotia August 2018, the Consumer Price Index (index 2002=100) increased 0.1% from July 2018 to 136.2 and increased 2.7% over August 2017.


The CPI, excluding food and energy,increased 0.2% from July 2018 to 127.1 and increased 2.0% over August 2017.

 

CANADA 


In Canada August 2018, the Consumer Price Index (index 2002=100) decreased 0.1% from July 2018 to 134.2 and increased 2.8% over August 2017.


The CPI, excluding food and energy,remained unchanged  from July 2018 at 128.5 and increased 2.3% over August 2017.


Compared with August 2017, CPI-Common rose 2.0%, CPI-Median rose 2.1%, and CPI-Trim rose 2.2%.

 

HALIFAX

In Halifax August 2018, the Consumer Price Index (index 2002=100) increased 0.2% from July 2018 to 134.9 and increased 2.7% over August 2017.

 

 QUOTES

 "Year-over-year increases in Nova Scotia (+2.7%) and Ontario (+3.1%) were unchanged from July."

NOTES

Statistics Canada Note: Since 2001, the Bank of Canada's main measure of core inflation has been "core" consumer price index (CPIX) inflation, which excludes eight of the most volatile components of the CPI and adjusts the remainder for the effect of changes in indirect taxes. Following a review of a wide selection of measures of core inflation in 2015, in the context of its most recent renewal of the inflation-control target, the Bank chose three preferred measures of core inflation: (i) a measure based on a trimmed mean (CPI-trim); (ii) a measure based on the weighted median (CPI-median); (iii) a measure based on the common component (CPI-common). For more information see The Daily.

 

REFERENCES

Statistics Canada Cat. No. 62-604,

CANSIM Tables:

18-10-0004-01 (formerly CANSIM 326-0020)

18-10-0256-01 (formerly CANSIM  326-0023)

EU AND EURO AREA CONSUMER PRICE INFLATION, AUGUST 2018

In August, the annual inflation rate was down by 0.1 percentage points to 2.1 per cent in the European Union and down to 2.0 per cent in the Euro Area.  Inflation rates in Europe have risen in recent months with increases in energy prices and to a lesser extent food prices. The all-items excluding energy, food, alcohol and tobacco price index increased 1.1 per cent year-over-year in the European Union, and increased 1.0% in the Euro Area.

Among member states, the fastest year-over-year inflation was reported in Romania, Bulgaria, Hungary and Estonia.  The lowest inflation was reported in Greece, Denmark, and Ireland.

In August, food prices increased by 2.1 per cent on a year-over-year basis in the European Union and 2.0% in the Euro Area. Energy inflation continued to rise with annual inflation rates increasing to 8.9 per cent in the European Union and 9.2 per cent in the Euro Area.

 

Source: Eurostat-News Releases