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The Consumer Price Index
March 2008
Archived Content
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Briefing notes
All-items Consumer Price Index:
- Slower growth in gasoline prices dropped this component to second place among the main contributors to the increase in the index for the first time in six months.
- The 12-month rise in mortgage interest cost (+8.3%) was the main factor in the higher all-items index.
- Slower core index growth was driven mainly by lower automotive vehicle prices.
- On a monthly basis, upward movement in the all-items index was sustained by higher gasoline prices.
Main contributors to the 12-month change of the all-item index (+1.4%):
Main upward contributors:
- Mortgage interest cost (+8.3%)
- Gasoline (+7.9%)
- Homeowner’s replacement cost (+4.8%)
- Fuel oil and other fuels (+29.6%)
Main downward contributors:
- Purchase and leasing of passenger vehicles (-7.1%)
- Fresh vegetables (-17.8%)
- Women’s clothing (-4.3%)
- Computer equipment and supplies (-14.9%)
Main contributors to the monthly change of the all-item index not seasonally adjusted (+0.4%):
Main upward contributors:
- Gasoline (+3.6%)
- Women’s clothing (+3.0%)
- Fuel oil and other fuels (+8.6%)
- Mortgage interest cost (+0.6%)
Main downward contributors:
- Purchase and leasing of passenger vehicles (-0.8%)
- Traveller accommodation (-2.8%)
- Fresh vegetables (-3.7%)
- Fresh fruit (-1.7%)
| Annual percentage | Monthly percentage | |||
|---|---|---|---|---|
| Percentage change March 2008 from March 2007 | Percentage change February 2008 from February 2007 | Percentage change March 2008 from February 2008 | Percentage change February 2008 from January 2008 | |
| percentage | ||||
| All-items | 1.4 | 1.8 | 0.4 | 0.4 |
| Core consumer price index (CPI) (Bank of Canada definition) | 1.3 | 1.5 | 0.2 | 0.5 |
| All-items excluding energy | 1.0 | 1.0 | 0.2 | 0.4 |
| Goods | -0.6 | 0.0 | 0.7 | 0.1 |
| Services | 3.3 | 3.5 | 0.2 | 0.6 |
| Index | Historical information |
|---|---|
| All-items index | 1.4% increase (compared to a 1.8% increase in February). Smallest 12-month increase since January 2007 (+1.1%). |
| Core index | 1.3% increase (compared to 1.5% growth in February). Slowest growth posted since July 2005 (+1.3%). |
| All-items index excluding energy | 1.0% increase (a growth rate identical to February). |
| Goods index | 0.6% decrease (after remaining unchanged in February). |
| Services index | 3.3% rise (compared to a 3.5% rise in February). |
| Mortgage interest cost | 8.3% rise (compared to a 8.1% increase in February). Sharpest rise since May 1991 (8.9%). |
| Gasoline | 7.9% increase (compared to 17.1% growth in February). |
| Homeowner’s replacement cost | 4.8% increase (a rise unchanged from February). |
| Fuel oil and other fuels | 29.6% increase (compared to 23.9% growth in February). Sharpest increase since September 2005 (+37.0). |
| Purchase and leasing of passenger vehicles | 7.1% decrease (compared to a 6.8% drop in February). Biggest decrease since February 1956 (-12.2%). |
| Fresh vegetables | 17.8% decline (compared to a 16.9% drop in February) . The sharpest decline since March 1996 (-18.0%). |
| Women's clothing | 4.3% decrease (compared to a 3.0% decline in February). |
| Computer equipment and supplies | 14.9% drop (following a 15.4% decrease in February). |
| Index | Historical information |
|---|---|
| All-items index | 0.4% hike (a growth rate identical to February). |
| Core index | 0.2% rise (following a 0.5% rise in February). |
| All-items index excluding energy | 0.2% growth (compared to 0.4% hike in February). |
| Goods index | 0.7% rise (compared to a 0.1% increase in February). Sharpest rise since March 2007 (+1.3%). |
| Services index | 0.2% increase (compared to 0.6% growth in February). |
| Gasoline | 3.6% rise (compared to a 0.6% growth in February). This index rose 4.0% in November 2007. |
| Women's clothing | 3.0% growth (compared to 2.3% increase in February). This index grew 5.9% in September 2007. |
| Fuel oil and other fuels | 8.6% rise (after a 0.9% drop in February). This component increased 9.9% in December 2007. |
| Mortgage interest cost | 0.6% rise (after a 0.8% growth in February). |
| Purchase and leasing of passenger vehicles | 0.8% drop (following a 1.8% decline in February). |
| Traveller accommodation | 2.8% decline (after a 5.0% growth in February). This index droped 5.5% in November 2007. |
| Fresh vegetables | 3.7% decrease (compared to a 2.3% drop in February). This index fell 8.9% in September 2007. |
| Fresh fruit | 1.7% decrease (compared to a 6.5% drop in February). |
