October 19, 2018ANALYSIS 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