Consumer Price Index, November 2014
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The Consumer Price Index (CPI) rose 2.0% in the 12 months to November, following a 2.4% increase in October.
Lower gasoline prices lead the deceleration in the Consumer Price Index
The slower year-over-year rise in the CPI was mainly attributable to gasoline prices, which fell 5.9% in the 12 months to November, after rising 0.6% in October.
On a monthly basis, the gasoline price index declined 7.5% in November, marking its fifth consecutive monthly decrease. In November, gasoline prices were at their lowest level since February 2011.
Gasoline prices fell in all provinces on a year-over-year basis in November. Prince Edward Island recorded the largest decline, while British Columbia posted the smallest.
12-month change in the major components
Prices increased in seven of the eight major components in the 12 months to November. Higher shelter and food costs led the rise in the CPI, while the transportation index was the only major component to decline year over year in November.
The shelter index rose 2.3% in the 12 months to November, following a 2.8% gain in October. Natural gas prices increased 14.7% on a year-over-year basis in November, after recording a 20.1% rise the previous month. As well, electricity prices were up 3.6% year over year in November, following a 5.6% increase in October.
Food prices advanced 3.1% on a year-over-year basis in November. Prices for food purchased from stores were up 3.3% in the 12 months to November, led by a 12.2% rise in meat prices. Food purchased from restaurants cost 2.5% more in November compared with the same month in 2013.
Transportation costs fell 0.2% in the 12 months to November, following a 1.1% rise in October. This decline was almost entirely attributable to lower gasoline prices. Conversely, consumers paid 1.3% more for the purchase of passenger vehicles on a year-over-year basis in November, after paying 0.9% more in October.
12-month change in the provinces
Consumer prices rose at slower year-over-year rates in nine provinces in November compared with October. The CPIs for Newfoundland and Labrador and Prince Edward Island slowed the most, followed by Alberta. British Columbia was the only province where prices increased at a faster year-over-year rate in November than in October.
In Newfoundland and Labrador, consumer prices rose 0.7% in the 12 months to November, following a 1.8% increase in October. The clothing and gasoline indexes slowed more in this province than at the national level.
The CPI in Prince Edward Island increased 0.1% on a year-over-year basis in November, after rising 1.2% in October. Gasoline prices in the province fell 8.0% in the 12 months to November, following a 1.8% rise in October. Prices for fuel oil fell more in Prince Edward Island (-10.7%) than at the national level (-1.5%). The CPI basket weight for fuel oil is also 10 times larger in this province than in Canada as a whole.
Alberta's CPI rose 2.0% in the 12 months to November, following a 3.0% gain in October. Natural gas prices in Alberta were up 1.8% year over year in November, after increasing 30.7% the previous month. In addition, electricity costs in the province fell 8.2%, following a 2.2% rise in October.
Consumer prices in British Columbia rose 1.2% year over year in November. This followed a 1.1% advance in October. Year over year, the gasoline price index in British Columbia fell more in November (-1.5%) than in October (-0.9%). However, this deceleration was less pronounced than in any other province.
Seasonally adjusted monthly Consumer Price Index decreases
On a seasonally adjusted monthly basis, the CPI fell 0.2% in November, after increasing 0.1% in October.
Of the eight major components, two declined and four increased on a seasonally adjusted monthly basis in November.
The seasonally adjusted index for transportation (-1.2%) posted the largest monthly decline in November.
The recreation, education and reading component fell 0.7% on a seasonally adjusted monthly basis in November. Before seasonal adjustment, this index decreased 1.7%, led by lower prices for travel services.
On a seasonally adjusted basis, the food index posted a 0.4% rise in November compared with the previous month. On an unadjusted basis, food prices were up 1.1%, as consumers paid 12.0% more for fresh vegetables.
Bank of Canada's core index
The Bank of Canada's core index rose 2.1% in the 12 months to November, after increasing 2.3% in October.
The seasonally adjusted core index posted no change on a monthly basis in November, following a 0.2% increase in October.
Consumer Price Index by province, and for Whitehorse, Yellowknife and Iqaluit – Not seasonally adjusted
Note to readers
A video providing an overview of the Consumer Price Index (CPI) is available on Statistics Canada's YouTube channel.
A seasonally adjusted series is one from which seasonal movements have been eliminated. Users employing CPI data for indexation purposes are advised to use the unadjusted indexes. For more information on seasonal adjustment, see Seasonally adjusted data – Frequently asked questions.
The Bank of Canada's core index excludes eight of the CPI's most volatile components (fruit, fruit preparations and nuts; vegetables and vegetable preparations; mortgage interest cost; natural gas; fuel oil and other fuels; gasoline; inter-city transportation; and tobacco products and smokers' supplies) as well as the effects of changes in indirect taxes on the remaining components.
A comprehensive update to The Canadian Consumer Price Index Reference Paper (Catalogue number62-553-X) is now available. The paper explains all the important aspects of the Canadian CPI: uses and interpretations, scope, classifications, sample strategy, price collection, index calculation, quality change, weights, basket updates, reliability and uncertainty, special cases and treatments, and history.
The CPI basket weights for the current basket (2011) and the previous six baskets (2009, 2005, 2001, 1996, 1992, 1986) are now available in the new CANSIM table 326-0031.
Upcoming basket update
On February 26, 2015, with the release of the January CPI, the basket of goods and services used in the calculation of the CPI will be updated.
The new weighting pattern will be based on consumer spending in 2013. It will replace the current weights, which are based on consumer spending patterns in 2011.
The index base period, for which the CPI equals 100, will remain 2002.
There will be no changes to the CANSIM table and vector numbers. There will be some minor changes to published index titles to clarify the definition of some series.
For a more detailed analysis, consult the publication The Consumer Price Index. The November 2014 issue of The Consumer Price Index, Vol. 93, no. 11 (Catalogue number62-001-X), is now available from the Browse by key resource module of our website under Publications.
The updated Canadian Consumer Price Index Reference Paper (Catalogue number62-553-X) is also now available from the Browse by key resource module of our website under Publications.
More information about the concepts and use of the Consumer Price Index (CPI) are available online in Your Guide to the Consumer Price Index (Catalogue number62-557-X) from the Browse by key resource module of our website under Publications.
The CPI for December 2014 will be released on January 23, 2015.
For more information, or to enquire about the concepts, methods or data quality of this release, contact us (toll-free 1-800-263-1136; 514-283-8300; email@example.com) or Media Relations (613-951-4636; firstname.lastname@example.org).
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