| National Index Highlights |
Twelve-month percentage change in the CPI: +1.5%
Twelve-month percentage change in the CPI excluding energy: +2.3%
In February 2002, consumers had to pay 1.5% more for the goods and services included
in the Consumer Price Index (CPI) basket than they did a year ago. This 12-month
rise in the index is comparable to that of last month, which was 1.3%. In February
2002, the level of the index (116.9) was still below its peak of June 2001 (117.5).
This indicates that consumer prices were, overall, lower in February 2002 than
in June 2001. The All-items excluding energy index rose by 2.3% from February
2001 to February 2002.
Rising prices for food, tobacco products and electricity are among the factors
that contributed to the All-items' 12-month increase in February. Food prices
rose by 4.3%, driven mainly by the price of restaurant meals, fresh vegetables
and fresh fruit. The 24.6% increase in cigarette prices was primarily due to tax
increases. The electricity index of February 2002, when compared to that of February
2001, shows an increase of 16.2%. Two-thirds of this rise can be explained by a $200
credit given by the government of British Columbia in February 2001 (see box).
The fall in gasoline (-15.4%) and fuel oil prices (-23.4%) had an important slowing
effect on the February index. These declines are explained in large part by the
price per barrel of oil, which was about $12 lower than a year ago. A decrease
in traveller accommodation prices, due largely to the economic slow-down, also
helped curb the CPI increase.
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The government of British Columbia provided BC Hydro customers with a $200 credit
on their February 2001 electricity bill. As the average electricity bill for February
2001 in B.C. was less than $200, the average consumer did not have to make any
payment. As a consequence, the index for electricity for B.C. fell to 0.0 in February 2001. The
index series for B.C., which has 1992 as its reference period, was reestablished
to the level reflecting the resumption of payments in March 2001. It is not meaningful,
however, to calculate a percentage change comparing February 2002 to the index
of February 2001 as it implies a division by 0.
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Monthly percentage change in the CPI: +0.6%
After advancing by 0.3% between December 2001 and February 2002, the CPI increased
by 0.6% between January and February 2002. This rise was due primarily to higher
prices for women's clothing, travel tours, traveller accommodation, gasoline
and fresh vegetables. The decrease in the prices of fresh fruit and mortgage
interest cost mitigated these increases.
The index for women's clothing rose by 4.6% in February as many items returned
to regular price after specials in January. The price increases in this
sector were especially strong in Québec, Ontario and Alberta.
The price of travel tours jumped 10.9% between January and February 2002. This
monthly increase is of the same order of magnitude as those seen for the same
month in the last four years.
The price of traveller accommodation increased by 5.3%. The province of Québec
registered the strongest rise (+10.6%), as the Québec Winter Carnival
was in full swing.
In February, consumers paid 1.4% more for gasoline than in February 2002. This
monthly increase was lower than that of the previous month (+2.5%). Price increases
ranged between 0.1% in Prince Edward Island and 4.5% in Alberta, whereas prices
decreased in Saskatchewan (-3.4%), New Brunswick (-1.2%) and Whitehorse
(-2.2%).
The price of fresh vegetables continued to rise in February 2002 (+4.1%). Bad
weather in the United States and in Mexico explains part of these price increases.
The price of broccoli, for example, is almost double its normal price for this
time of the year. The decrease in the price of tomatoes (-8.5%), partly the
result of more favourable temperatures in Florida, somewhat slowed the increase
in the fresh vegetable index.
Fresh fruit prices decreased by 4.3% in February 2002. Greater availability and diversified supply sources contributed to lowering certain prices.
The index for mortgage interest cost decreased by 0.5%. Although prices for
new houses were rising in most Canadian cities, the effect of dropping interest
rates more than offset these price increases. Please note that only a proportion
of mortgages (the new and renewed mortgages) are affected by interest rates
of the latest month. The rest of the mortgages that enter the index's calculation
are affected by prior months' interest rates.
The seasonally adjusted CPI advanced 0.3% between February 2002 and February
2002
After adjusting for seasonal variations, the All-items CPI advanced by 0.3%
between February 2002 and February 2002. The contributors to the rise in February's
seasonally adjusted index were increases in the indexes for clothing and footwear
(+1.3%), food (+0.7%), alcoholic beverages and tobacco products (+0.5%), recreation,
education and reading (+0.3%), health and personal care (+0.3%), transportation
(+0.2%) and shelter (+0.2%). The household operations and furnishings index
remained unchanged on a seasonally adjusted basis.
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Special Aggregates
Energy
In February 2002, the energy index registered its fifth consecutive 12-month
decrease, falling by 5.8%. This decrease is attributed in large part to lower
prices for gasoline (-15.4%) and fuel oil (-23.4%). Natural gas prices were
also lower (-0.7%). On the other hand, a 12-month increase of 16.2% in the price
of electricity tempered these decreases. A credit given to British Columbia
consumers in February 2001 explains, in large part, this 16.2% increase (see
box).
Compared to February 2002, the energy index increased by 0.5%, driven by the
price of gasoline (+1.4%). The prices of natural gas (-0.4%), fuel oil (-0.7%)
and electricity (-0.2%) were all declining.
Goods and services
Prices in the goods sector increased by 0.9% between February 2001 and February
2002. This is the second consecutive12-month increase. February's rise is due
to an increase in the non-durable goods index (+1.9%), which was driven by prices
of tobacco products, electricity and, to a lesser extent by prices of fresh
vegetables and fresh fruits. These increases were largely offset by weaker gasoline
and fuel oil prices. Lower prices for computer equipment and supplies, as well
as for new automotive vehicles, pushed the durable goods index down 0.7%. The
semi-durable goods index fell by 0.8%, due mainly to lower prices for women's
clothing.
The cost of services rose by 2.2% between February 2001 and February 2002. The
increases that had the greatest impact were those of restaurant meal prices,
rents and automobile vehicle insurance premiums. The decline in mortgage interest
cost somewhat offset these increases.
The goods index advanced 0.8% between February 2002 and February 2002. Prices
in all sectors increased. The non-durable goods sector (+0.6%) had the largest
contribution, followed by the semi-durable goods category (+2.6%), then by
durable goods (+0.2%). Gasoline prices, as well as fresh vegetable prices, explained
most of the increase in the non-durable goods index. Higher prices for milk,
non-alcoholic beverages and cigarettes also had, though to a lesser extent,
an impact. The increase in the price of semi-durable goods is due primarily
to higher prices for women's clothing. The increase in the price of durable
goods is explained mostly by higher prices for recreational vehicles and for
audio tapes and discs.
The services index advanced by 0.4% between February 2002 and February 2002,
due primarily to increases in the price of travel tours, traveller accommodation
and automobile vehicle insurance premiums. | |
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