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The Consumer Price Index
February 2008
Archived Content
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Briefing notes
All-items Consumer Price Index:
- The 12-month increase of 17.1% in gasoline prices was the main contributor to the rise of the all-items index. The month-to-month slowdown of this component compared to January (+20.9%) was due more to a drop in gasoline prices at this time last year than to any recent changes.
- Prices for automotive vehicles (-6.8%) recorded its most significant 12-month drop since February 1956. This was mainly attributable to decreases in manufacturer’s suggested retail prices and increases in incentives.
- The monthly change in consumer prices went from -0.2% between December 2007 and January 2008 to +0.4% over the following period. The 0.2% decline posted in January was partly the result of the reduction in the Goods and Services Tax. Strong upward pressure exerted by higher tour package prices also contributed to this reversal.
Main contributors to the 12-month change of the all-item index (+1.8%):
Main upward contributors:
- Gasoline (+17.1%)
- Mortgage interest cost (+8.1%)
- Homeowner’s replacement cost (+4.8%)
- Property taxes (+3.8%)
Main downward contributors:
- Purchase and leasing of passenger vehicles (-6.8%)
- Fresh vegetables (-16.9%)
- Fresh fruit (-14.5%)
- Computer equipment and supplies (-15.4%)
Main contributors to the monthly change of the all-item index not seasonally adjusted (+0.4%):
Main upward contributors:
- Travel tours (+9.9%)
- Non-alcoholic beverages (+8.4%)
- Men’s clothing (+4.9%)
- Traveller accommodation (+5.0%)
Main downward contributors:
- Purchase and leasing of passenger vehicles (-1.8%)
- Fresh fruits (-6.5%)
- Furniture (-1.6%)
- Fresh vegetables (-2.3%)
| Annual percentage | Monthly percentage | |||
|---|---|---|---|---|
| Percentage change February 2008 from February 2007 | Percentage change January 2008 from January 2007 | Percentage change February 2008 from January 2008 | Percentage change January 2008 from December 2007 | |
| percentage | ||||
| All-items | 1.8 | 2.2 | 0.4 | -0.2 |
| Core consumer price index (CPI) (Bank of Canada definition) | 1.5 | 1.4 | 0.5 | 0.1 |
| All-items excluding energy | 1.0 | 1.3 | 0.4 | -0.2 |
| Goods | 0.0 | 0.9 | 0.1 | -0.1 |
| Services | 3.5 | 3.3 | 0.6 | -0.3 |
| Index | Historical information |
|---|---|
| All-items index | 1.8% increase (compared to a 2.2% increase in January). Smallest 12-month increase since August 2007 (+1.7%). |
| Core index | 1.5% increase (compared to 1.4% growth in January). First acceleration of that index posted since June 2007. |
| All-items index excluding energy | 1.0% growth (compared to a 1.3% rise in January). Smallest rise since February 1999 (+1.0%). |
| Goods index | Remained unchanged (compared to 0.9% growth in January). |
| Services index | 3.5% rise (compared to a 3.3% rise in January). |
| Gasoline | 17.1% increase (compared to 20.9% growth in January). |
| Mortgage interest cost | 8.1% rise (compared to a 7.6% increase in January). Sharpest rise since May 1991 (8.9%). |
| Homeowner’s replacement cost | 4.8% increase (compared to 4.5% rise in January). |
| Property taxes | 3.8% increase (compared to 3.8% growth in January). |
| Purchase and leasing of passenger vehicles | 6.8% decrease (compared to a 4.9% decrease in January). Biggest decrease since February 1956 (-12.2%). |
| Fresh vegetables | 16.9% decline (compared to a 4.7% drop in January). The sharpest decline since March 1996 (-18.0%). |
| Fresh fruit | 14.5% decrease (compared to a 6.9% decline in January). Largest drop since March 1992 (-15.2%). |
| Computer equipment and supplies | 15.4% drop (compared to a 16.7% decrease in January). |
| Index | Historical information |
|---|---|
| All-items index | 0.4% hike (compared to a 0.2% decrease in January). Sharpest increase since May 2007 (+0.4%). |
| Core index | 0.5% rise (compared to 0.1% increase in January). Most significant rise since February 2007 (+0.5%). |
| All-items index excluding energy | 0.4% growth (compared to 0.2% decline in January). Biggest rise since February 2007 (+0.6%). |
| Goods index | 0.1% rise (compared to a 0.1% decrease in January). |
| Services index | 0.6% increase (compared to 0.3% decline in January). Biggest increase since May 2006 (+0.6%). |
| Travel tours | 9.9% rise (compared to a 10.3% drop in January). |
| Non-alcoholic beverages | 8.4% growth (compared to 3.0% decrease in January). Biggest growth since January 2003 (+9.4%). |
| Men's clothing | 4.9% rise (after a 3.4% drop in January). |
| Traveller accomodation | 5.0% rise (after a 0.7% growth in January). Biggest increase since May 2007 (+9.1%). |
| Purchase and leasing of passenger vehicles | 1.8% decline (after a 0.5% decline in January). |
| Fresh fruit | 6.5% decrease (after a 3.0% rise in January). Biggest decrease since September 2005 (-7.1%). |
| Furniture | 1.6% drop (compared to a 0.8% decrease in January). This index had dropped 2.5% in October 2007. |
| Fresh vegetables | 2.3% decrease (compared to a 7.1% rise in January). |
