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The Consumer Price Index
May 2008
Archived Content
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Briefing notes
Highlights:
Consumer prices rose 2.2% in May compared to May 2007, up from the 1.7% increase reported in April, as drivers faced significant increases in gasoline prices. The 0.5 percentage point acceleration in the all-items Consumer Price Index was the sharpest since September 2007.
All-items Consumer Price Index:
- The acceleration of consumer prices in May reflected mainly the acceleration of gasoline prices which rose 15.0% between May 2007 and May 2008 after a 11.6% rise posted in April.
- The price to purchase and lease motor vehicles declined 8.1% between May 2007 and May 2008. An increase in manufacturers’ rebates on certain models of larger motor vehicles contributed to this decrease.
- Canadians paid 1.9% more in May for store-bought food items compared with the same month last year, up from the 0.9% posted in April. The strongest upward pressure came from the price of bakery products which increased by 13.2% during that period.
Main contributors to the 12-month change of the all-item index (+2.2%):
Main upward contributors:
- Gasoline (+15.0%)
- Mortgage interest cost (+8.9%)
- Fuel oil and other fuels (+49.3%)
Main downward contributors:
- Purchase and leasing of passenger vehicles (-8.1%)
- Women’s clothing (-6.7%)
- Fresh vegetables (-8.7%)
- Computer equipment and supplies (-13.0%)
Main contributors to the monthly change of the all-item index not seasonally adjusted (+1.0%):
Main upward contributors:
- Gasoline (+8.8%)
- Traveller accommodation (+12.7%)
- Air transportation (+5.4%)
Main downward contributors:
- Purchase and leasing of passenger vehicle (-1.4%)
- Women’s clothing (-3.5%)
| Annual percentage | Monthly percentage | |||
|---|---|---|---|---|
| Percentage change May 2008 from May 2007 | Percentage change April 2008 from April 2007 | Percentage change May 2008 from April 2008 | Percentage change April 2008 from March 2008 | |
| percent | ||||
| All-items | 2.2 | 1.7 | 1.0 | 0.8 |
| Core consumer price index (CPI) (Bank of Canada definition) | 1.5 | 1.5 | 0.3 | 0.3 |
| All-items excluding energy | 1.3 | 1.1 | 0.5 | 0.3 |
| Goods | 0.7 | 0.0 | 1.1 | 1.0 |
| Services | 3.7 | 3.3 | 0.8 | 0.5 |
| Index | Historical information |
|---|---|
| All-items index | 2.2% increase (after a 1.7% increase in April). |
| Core index | 1.5% rise (same growth as in April). |
| All-items index excluding energy | 1.3% increase (following a 1.1% growth in April). A rise of the same amplitude was recorded in January 2008. |
| Goods index | 0.7% hike (after remaining unchanged in April). |
| Services index | 3.7% rise (compared to a 3.3% increase in April). |
| Gasoline | 15.0% increase (compared to 11.6% growth in April). |
| Mortgage interest cost | 8.9% rise (after a 8.7% increase in April). Sharpest rise since May 1991 (8.9%). |
| Fuel oil and other fuels | 49.3% increase (compared to 36.9% growth in April). Sharpest increase since March 2003 (+62.3). |
| Purchase and leasing of passenger vehicles | 8.1% decrease (following a 6.6% drop in April). The sharpest drop since February 1956 (-12.2%). |
| Women's clothing | 6.7% drop (same decrease as in April). |
| Fresh vegetables | 8.7% decline (compared to a 17.3% drop in April). |
| Computer equipment and supplies | 13.0% drop (following a 14.4% decrease in April). The smallest drop posted since August 2003 (-8.3%). |
| Index | Historical information |
|---|---|
| All-items index | 1.0% hike (after a 0.8% increase in April). The highest growth since January 1991 (+2.6%). |
| Core index | 0.3% rise (same rate of growth as in April). |
| All-items index excluding energy | 0.5% growth (compared to a 0.3% hike in April). |
| Goods index | 1.1% rise (following a 1.0% increase in April). Sharpest rise since March 2007 (+1.3%). |
| Services index | 0.8% increase (after a 0.5% growth in April). Sharpest increase since January 1991 (+2.6%). |
| Gasoline | 8.8% rise (compared to a 6.0% growth in April). The steepest increase since March 2007 (+12.4%). |
| Traveller accomodation | 12.7% growth (compared to a 0.8% increase in April). Highest hike since May 2006 (+17.4%). |
| Air transportation | 5.4% rise (after a 4.8% hike in April). The steepest increase since December 2007 (+6.2%). |
| Purchase and leasing of motor vehicles | 1.4% drop (following a 0.1% decline in April). |
| Women's clothing | 3.5% decrease (after a 3.8% drop in April). |
