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May 18, 2018ANALYSIS OF NOVA SCOTIA'S CONSUMER PRICE INDEX FOR APRIL 2018 In Nova Scotia April 2018, year over year growth for the All-Items Consumer Price Index was 2.8 per cent, above the national average of 2.2 per cent. Monthly consumer prices were up 0.5 per cent in Nova Scotia and up 0.3 per cent in Canada.
Within Atlantic Canada, Nova Scotia had the highest year over year consumer price inflation, followed by PEI and New Brunswick (both +2.2%), and Newfoundland and Labrador (+1.5%).
All other provinces experienced positive year over year inflation in April.
Nova Scotia's annual consumer price inflation (year over year growth in CPI) excluding food and energy rose 2.4 per cent in April , above the national rate of 1.8 per cent. Price level gains for this index were largest in Nova Scotia and BC (both +2.4%), followed by Manitoba (+2.3%), and lowest in Newfoundland and Labrador (+1.2 per cent). On a monthly basis, Nova Scotia's index excluding food and energy was flat.
The main contributors to the monthly (April 2018 vs. March 2018) NS CPI movement:
Traveller accommodation (+29.5%)
Gasoline (+8.8%)
Women's clothing (-3.2%)
Men's clothing (-3.9%)
The main contributors to the annual (April 2018 vs. April 2017) NS CPI movement:
Traveller acommodation (+25.0%)
Fuel oil and other fuels (+12.3%)
Dairy Products (-1.7%)
Furniture (-6.9%)
The CPI for food in Nova Scotia increased 0.7 per cent year-over-year with a 0.5 per cent increase month-over-month. CPI growth in food (year over year) was up in all provinces. Nationally, annual food prices increased 1.8 per cent.
The Nova Scotia energy index increased by 8.3 per cent compared to a year ago. Energy price growth was smallest in Ontario (+1.8%) on a year over year basis, and largest in Alberta (+16.1%). Nationally, the index was up 6.3 per cent.
Major Components for April 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 above Canada's in April 2018. Nova Scotia's annual inflation has remained below the Canadian average since mid-2014, with the exception of only a few months. It has, however, been above the Canadian average for the past three 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 higher for Nova Scotia (+2.4 per cent) than for Canada (+1.8 per cent).
Bank of Canada's preferred measures of core inflation
Compared with April 2017, CPI-Common rose 1.9 per cent, CPI-Median rose 2.1 per cent, and CPI-Trim rose 2.1 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 April 2018.
Appendix Tables and Charts
Source: Statistics Canada CANSIM Tables 326-0020 , 326-0023
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