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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: October, 2018

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

In Nova Scotia September 2018, year over year growth for the All-Items Consumer Price Index was 1.7 per cent, below the national average of 2.2 per cent. Monthly consumer prices were down 0.5 per cent in Nova Scotia and down 0.4 per cent nationally. 

Within Atlantic Canada, New Brunswick had the highest year over year consumer price inflation (+2.0%), followed by PEI and Nova Scotia (+1.7 per cent), and then Newfoundland and Labrador (+1.4%). 

In September 2018, all provinces experienced positive year over year inflation, the highest in Alberta (+3.0%).

Nova Scotia's annual consumer price inflation (year over year growth in CPI) excluding food and energy rose 1.1 per cent in September, below the national rate of 1.8 per cent. Price level gains for this index were largest in BC (+2.4 per cent) and Ontario and Manitoba (both +2.0 per cent) and lowest in Newfoundland and Labrador (+0.6 per cent). On a monthly basis, Nova Scotia's index excluding food and energy was down 0.4 per cent.

 
The main contributors to the monthly (September 2018 vs. August 2018) NS CPI movement:
Preserved vegetables and vegetable preparations (+5.6%)
Tuition fees (+5.5%)
Traveller accommodation (-12.8%)
Inter-city transport (-16.0%)
 
The main contributors to the annual (September 2018 vs. September 2017) NS CPI movement:
Fuel oil and other fuels (+19.4%)
Gasoline (+6.7%)
Furniture (-6.0%)
Traveller accommodation (-13.8%)
 
The CPI for food in Nova Scotia decreased 0.3 per cent year-over-year with a 1.3 per cent decrease month-to-month. CPI growth in food (year over year) was up in eight provinces, with Nova Scotia and Saskatchewan reporting declines in September. Nationally, annual food prices increased 1.8 per cent. 

The Nova Scotia energy index increased by 7.8 per cent compared to a year ago. Energy price growth was smallest in Ontario (+3.8 per cent) on a year over year basis, and largest in Alberta (+21.7%). Nationally, the index was up 7.6 per cent.  

 
Major Components for September 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 September 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 (+1.1 per cent) than for Canada (+1.8 per cent) in September.

Bank of Canada's preferred measures of core inflation

Compared with September 2017, CPI-Trim rose 2.1 per cent, CPI-Median rose 2.0 per cent and CPI-Common rose 1.9 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 1.5 per cent year over year in September 2018.  

 

Appendix Tables and Charts

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

CONSUMER PRICE INDEX SEPTEMBER 2018


NOVA SCOTIA

In Nova Scotia September 2018, the Consumer Price Index (index 2002=100) decreased 0.5% from August 2018 to 135.5 and increased 1.7% over September 2017. The CPI, excluding food and energy, decreased 0.4% from August 2018 to 126.6 and increased 1.1% over September 2017. 

CANADA 

In Canada September 2018, the Consumer Price Index (index 2002=100) decreased 0.4% from August 2018 to 133.7 and increased 2.2% over September 2017. The CPI, excluding food and energy, decreased 0.3% from August 2018 to 128.1 and increased 1.8% over September 2017. Compared with September 2017, CPI-Common fell to 1.9%, CPI-Median fell to 2.0% and CPI-Trim fell to 2.1%.

HALIFAX

In Halifax September 2018, the Consumer Price Index (index 2002=100) decreased 0.5% from August 2018 to 134.2 and increased 1.5% over September 2017. 

QUOTES

"Prices rose less year over year in every province in September compared with the previous month, with price growth decelerating most in Newfoundland and Labrador (+1.4%), Prince Edward Island (+1.7%) and Nova Scotia (+1.7%). Year-over-year growth in consumer prices for fresh vegetables slowed in all four Atlantic provinces, while increasing at a faster rate on a national level."

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, SEPTEMBER 2018

In September, the annual inflation rate was stable at 2.2 per cent in the European Union and up by 0.1 percentage points to 2.1 per cent in the Euro Area.  Inflation rates in Europe increased in early 2018 due to increases in energy prices and to a lesser extent food prices, but have been stable in recent months. The all-items excluding energy, food, alcohol and tobacco price index increased 1.1 per cent year-over-year in the European Union, and 0.9 per cent in the Euro Area.

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

In August, food prices increased by 2.3 per cent on a year-over-year basis in the European Union and 2.2 per cent in the Euro Area. Energy inflation continued at an elevated level with the annual inflation rate increasing to 9.2 per cent in the European Union and 9.5 per cent in the Euro Area.

 

Source: Eurostat-News Releases