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The Consumer Price Index
July 2008
Archived Content
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Briefing notes
Highlights:
Consumer prices rose 3.4% in the 12 months to July 2008, up from the 3.1% posted in June. While higher gasoline prices continued to exert the strongest upward pressure on consumer prices, lower prices to purchase and lease passenger vehicles helped to offset the overall rise in consumer prices in July.
All-items Consumer Price Index:
- July saw the highest increase in the 12-month CPI since March 2003. A 28.6% climb in gasoline prices in the 12 months to July 2008 was the primary cause for higher consumer prices.
- Both the 12-month variation in the consumer price index and the gasoline price index accelerated for the fourth consecutive month.
- Consumer prices excluding gasoline advanced 2.1%, up from the 1.8% annual rate of growth posted in June.
- An 8.9% drop in prices to purchase and lease passenger vehicles helped to partially offset increases in consumer prices in July.
Main contributors to the 12-month change of the all-items index (+3.4%):
Main upward contributors:
- Gasoline (+28.6%)
- Mortgage interest cost (+8.5%)
- Natural gas (+25.0%)
- Fuel oil and other fuels (+49.4%)
Main downward contributors:
- Purchase and leasing of passenger vehicles (-8.9%)
- Computer equipment and supplies (-12.0%)
Main contributors to the monthly change of the all-items index, not seasonally adjusted (+0.3%):
Main upward contributors:
- Natural gas (+8.8%)
- Gasoline (+1.2%)
- Electricity (+1.9%)
Main downward contributors:
- Purchase and leasing of passenger vehicle (-2.2%)
| Annual percentage | Monthly percentage | |||
|---|---|---|---|---|
| Percentage change July 2008 from July 2007 | Percentage change June 2008 from June 2007 | Percentage change July 2008 from June 2008 | Percentage change June 2008 from May 2008 | |
| percent | ||||
| All-items | 3.4 | 3.1 | 0.3 | 0.7 |
| Core consumer price index (CPI) (Bank of Canada definition) | 1.5 | 1.5 | 0.1 | 0.1 |
| All-items excluding energy | 1.6 | 1.6 | 0.2 | 0.3 |
| Goods | 3.2 | 2.5 | 0.4 | 1.1 |
| Services | 3.6 | 3.7 | 0.3 | 0.3 |
| Index | Historical information |
|---|---|
| All-items index | 3.4% rise (after increasing 3.1% in June). The steepest rise since March 2003 (+4.2%). |
| Core index | 1.5% rise (identical to the increase recorded in June). |
| All-items index excluding energy | 1.6% rise (identical to the increase recorded in June). |
| All-items index excluding gasoline | 2.1% rise (after increasing 1.8% in June). The sharpest rise since August 2007 (+2.3%). |
| Goods index | 3.2% rise (after increasing 2.5% in June). |
| Services index | 3.6% rise (after increasing 3.7% in June). |
| Gasoline | 28.6% rise (after increasing 26.9% in June). The sharpest rise since September 2005 (+34.7%). |
| Mortgage interest cost | 8.5% rise (after increasing 9.0% in June). |
| Natural gas | 25.0% rise (after increasing 9.6% in June). |
| Fuel oil and other fuels | 49.4% rise (after increasing 49.3% in June). |
| Bakery products | 13.2% rise (after increasing 12.3% in June). |
| Purchase and leasing of passenger vehicles | 8.9% drop (after decreasing 8.4% in June). The largest drop since February 1956 (-12.2%). |
| Computer equipment and supplies | 12.0% drop (after decreasing 13.2% in June). |
| Index | Historical information |
|---|---|
| All-items index | 0.3% rise (after increasing 0.7% in June). |
| Core index | 0.1% rise (identical to the increase recorded in June). |
| All-items index excluding energy | 0.2% rise (after increasing 0.3% in June). |
| Goods index | 0.4% rise (after increasing 1.1% in June). |
| Services index | 0.3% rise (identical to the increase recorded in June). |
| Natural gas | 8.8% rise (after increasing 8.2% in June). The sharpest rise since April 2007 (+9.0%). |
| Gasoline | 1.2% rise (after increasing 5.8% in June). |
| Electricity | 1.9% rise (after no change in June). |
| Purchase and leasing of motor vehicles | 2.2% drop (after decreasing 0.5% in June). |
