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Dec 27, 2012

CPI edges up slightly in November

Year-over-year increase in consumer price index lowest since October 2009
    
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The consumer price index rose 0.8 per cent in the 12 months to November, following a 1.2 per cent gain in October, according to the latest data from Statistics Canada.

The November increase was the smallest year-over-year gain in the CPI since October 2009.

A big reason for the slower increase in November compared with October was attributable to a smaller year-over-year price increase for gasoline, as well as price decreases for the purchase of passenger vehicles.

Gasoline prices rose 0.4 per cent in the 12 months to November, following a four per cent climb in October.

Meat prices rising, vegetables declining

Consumer prices rose in six of the eight major components in the 12 months to November, the exceptions being transportation as well as clothing and footwear.

Prices for transportation fell 0.2 per cent year over year in November, after rising 1.7 per cent in October. The 12-month decline in November was led by lower prices for the purchase of passenger vehicles. Smaller year-over-year price increases for gasoline in November compared with October were also a factor.

Food prices increased 1.7 per cent on a year-over-year basis in November following a two per cent advance the previous month. Consumers paid 2.1 per cent more for food purchased from restaurants and 4.3 per cent more for meat. In contrast, prices declined 5.8 per cent for fresh vegetables.

Shelter costs increased one per cent in the 12 months to November following a 0.9 per cent advance in October. Homeowners' replacement cost, property taxes and rent increased on a year-over-year basis. Conversely, mortgage interest cost decreased three per cent and natural gas prices declined 6.8 per cent.

CPI increases highest in Quebec, P.E.I.

Consumer prices rose at a slower year-over-year rate in November compared with October in all provinces except Alberta. The CPI for Prince Edward Island and for Quebec rose the most (1.5 per cent), while British Columbia (0.1 per cent) increased the least.

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