Analysis
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Consumer prices rose 2.0% in the 12 months to November, following a 2.4% increase in October. The 0.4 percentage point decrease can be largely attributed to energy, food, and clothing prices.
Energy prices rose 6.7% during the 12 months to November, on the heels of a 9.1% increase in October. Prices at the pump were 7.2% higher than a year earlier, following an 8.8% increase posted in the previous month. Electricity prices increased 5.9%, smaller than the 8.1% rise in October.
Prices for the purchase of passenger vehicles rose 3.9% compared with November last year. This follows a 4.9% increase in October.
Homeowners' replacement cost increased 4.6% in November, a slightly slower rate of growth than the 4.9% increase observed in the previous month.
12-month change: Increase in seven of the eight major components
Prices increased in seven of the eight major components of the Consumer Price Index (CPI) in the 12 months to November; the only exception was clothing and footwear.
Transportation costs were up 4.6% in the 12 months to November, matching the increase recorded in October. In addition to higher prices for gasoline and the purchase of passenger vehicles, passenger vehicle insurance premiums increased 4.2%, after rising by 4.6% in October.
Shelter costs rose 2.6% in November, following a 2.8% rise in October. In addition to higher electricity prices and homeowners' replacement cost, tenants paid 1.2% more in rent, while homeowners paid 5.4% more for home and mortgage insurance.
However, the mortgage interest cost index, which measures the change in the interest portion of payments on outstanding mortgage debt, declined 2.7% after falling 3.0% in October.
Food prices rose 1.5%, following a 2.2% increase in October. Consumers paid 2.5% more for food purchased from restaurants. Prices for fresh vegetables fell 4.4% in November after increasing 5.5% in October.
The health and personal care index posted a 2.2% increase in November after increasing 2.7% the previous month.
Prices for household operations, furnishings and equipment advanced 0.9% on the heels of a 1.3% increase in October. Consumer prices for telephone services rose 1.7%.
Alcoholic beverages and tobacco products prices increased 2.5%. Consumers paid 5.0% more for cigarettes.
Clothing and footwear prices declined 3.2% in November compared with a 0.1% decrease posted in October. Prices for women's clothing fell 6.9% after declining 2.1% the month before. Prices also fell for children's and men's clothing.
The provinces
Consumer prices increased in all provinces in November, but at a slower pace than they did in October, year-over-year. Ontario recorded the largest increase in consumer prices, Alberta the smallest.
In Ontario, prices increased 3.0% in the 12 months to November, following a 3.4% increase in October. Drivers in Ontario paid 10.6% more for gasoline. Electricity prices and passenger vehicle insurance premiums also increased.
In British Columbia, prices went up 2.2% after rising 2.4% in October. Consumers in British Columbia paid more for food purchased from restaurants and gasoline. Homeowners' replacement cost also increased.
Prices in Quebec rose 1.1% in November compared with 1.4% the previous month. Quebec drivers paid 9.0% more for gasoline and 2.6% more for the purchase of passenger vehicles. Prices for women's clothing fell.
In Alberta, prices increased 0.1% after rising 1.2% in October. Consumers paid more for the purchase of passenger vehicles and for food purchased from restaurants. Much of the decline in the rate of growth in consumer prices can be attributed to natural gas, electricity, and gasoline.
The non-seasonally adjusted monthly CPI increases
Consumer prices prior to seasonal adjustment rose 0.1%, after rising 0.4% in October.
Prices increased in five of the eight major components of the CPI in November: transportation; food; household operations, furnishings and equipment; health and personal care; and alcoholic beverages and tobacco products.
Transportation prices increased 1.8% in November after increasing 1.3% in October. Prices for the purchase of passenger vehicles increased 4.0%. Furthermore, gasoline prices rose 1.7%.
In November of each year, models of automotive vehicles from the current year (2010) are replaced by new models (2011) in the CPI sample. As a result, the purchase of passenger vehicles price index in November reflected prices for 2011 vehicle models.
Prices for food rose 0.5%, following a 0.2% decrease in October. Consumers paid higher prices for fresh vegetables and for food purchased from restaurants.
For the household operations, furnishings and equipment component, prices went up 0.2% on the heels of a 0.1% decrease the previous month.
Prices for clothing and footwear declined 3.0%, after posting a 2.3% rise in October. Consumers paid 5.8% less for women's clothing. Prices for men's and children's clothing also fell, month-over-month.
Recreation, education and reading prices fell 0.9% in November. Traveller accommodation prices decreased 6.3% after falling 6.6% last month. Video equipment prices also fell.
Shelter costs went down 0.2% after rising 0.6% in October. Prices decreased for both electricity and natural gas.
At the provincial level, consumer prices increased in every province except Alberta where prices fell 0.2%, month-over-month.
On a monthly basis, from October to November, the largest increase in consumer prices (+0.5%) was recorded in New Brunswick.
Seasonally adjusted monthly CPI increases
On a seasonally adjusted monthly basis, consumer prices rose 0.2% in November, after increasing 0.7% in October. The transportation index advanced 1.8%, while the household operations, furnishings and equipment index rose 0.3%. However, the shelter index decreased 0.2% and the food index decreased 0.3%.
Bank of Canada's core index
The Bank of Canada's core index advanced 1.4% in the 12 months to November, following a 1.8% rise in October.
On a month-to-month basis, the core index prior to seasonal adjustment posted no change in November, after increasing 0.4% in October.
The seasonally adjusted monthly core index posted no change from October to November following a 0.3% increase the previous month.
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