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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: November, 2018

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

In Nova Scotia October 2018, year over year growth for the All-Items Consumer Price Index was 2.9 per cent, below the national average of 2.4 per cent. Monthly consumer prices were up 0.8 per cent in Nova Scotia and up 0.3 per cent nationally. 

Within Atlantic Canada, Nova Scotia had the highest year over year consumer price inflation (+2.9%), followed by New Brunswick (2.8%) and PEI (2.5%), then Newfoundland and Labrador (+2.1%). 

In October 2018, all provinces experienced positive year over year inflation, the highest in British Columbia (+3.0%).

Nova Scotia's annual consumer price inflation (year over year growth in CPI) excluding food and energy rose 2.1 per cent in October , level with the national rate of 2.1 per cent. Price level gains for this index were largest in BC (+2.8 per cent), and lowest in Newfoundland and Labrador and Quebec (+1.3 per cent). On a monthly basis, Nova Scotia's index excluding food and energy was up 0.9 per cent.

 
The main contributors to the monthly (October 2018 vs. September 2018) NS CPI movement:
Passenger vehicle insurance premiums (+3.4%)
Telephone services (+3.3%)
Fresh fruit (-4.4%)
Traveller accommodation (-10.4%)
 
The main contributors to the annual (October 2018 vs. October 2017) NS CPI movement:
Fuel oil and other fuels (+23.5%)
Gasoline (+14.8%)
Home entertainment equipment, parts and services (-8.1%)
Traveller accommodation (-10.6%)
 
The CPI for food in Nova Scotia increased 0.7 per cent year-over-year with a 0.6 per cent increase month-to-month. CPI growth in food (year over year) was up in nine provinces, with only Newfoundland and Labrador reporting declines in October . Nationally, annual food prices increased 2.0 per cent. 

The Nova Scotia energy index increased by 12.3 per cent compared to a year ago. Energy price growth was smallest in Ontario (+3.9 per cent) on a year over year basis, and largest in Alberta (+17.3%). Nationally, the index was up 7.9 per cent.  

 
Major Components for October 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 rose above Canada's in October 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 the same for Nova Scotia (2.1 per cent) as for Canada in October .

Bank of Canada's preferred measures of core inflation

Compared with October 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 1.6 per cent year over year in October 2018.  

 

Appendix Tables and Charts

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

CONSUMER PRICE INDEX OCTOBER 2018

 

NOVA SCOTIA

In Nova Scotia October 2018, the Consumer Price Index (index 2002=100; 2009-Basket) increased 0.8% from September 2018 to 136.6 and increased 2.9% over October 2017.  The CPI, excluding food and energy, increased 0.9% from September 2018 to 127.8 and increased 2.1% over October 2017. 

 

CANADA 

In Canada October 2018, the Consumer Price Index (index 2002=100; 2009-Basket) increased 0.3% from September 2018 to 134.1 and increased 2.4% over October 2017.  The CPI, excluding food and energy, increased 0.5% from September 2018 to 128.8 and increased 2.1% over October 2017.

In Canada October 2018, year-over-year inflation in CPI-Common was 1.9%, in CPI-Median was 2.0% and in CPI-Trim was 2.1%.

 

HALIFAX

In Halifax October 2018, the Consumer Price Index (index 2002=100; 2009-Basket) increased 0.7% from September 2018 to 135.2 and increased 2.7% over October 2017. 

 

QUOTES

"Increases in the property tax and other special charges index (priced annually in October) were larger in Newfoundland and Labrador, Prince Edward Island and Nova Scotia compared with the previous year"

"Prices for fuel oil and other fuels rose at a faster rate in Atlantic Canada in October, as colder temperatures set in."

 

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, OCTOBER 2018

In October, the annual inflation rate edged up to 2.2 per cent in both the European Union and 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 more stable in recent months. 

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

In October, food prices increased by 1.7 per cent (year-over-year) in the European Union and by 1.6 per cent in the Euro Area. 

Energy inflation continued to rise with the year-over-year inflation rate increasing to 10.0 per cent in the European Union and 10.7 per cent in the Euro Area.

Excluding the impacts of volatile energy, food, alcohol and tobacco prices year-over-year inflation is much more subdued in Europe - rising by 1.2 per cent for the European Union and by 1.1 per cent for the Euro Area. 

Source: Eurostat-News Release