Briefing notes

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Highlights:

  1. Consumer prices rose 2.7% in the 12 months to July, primarily the result of higher prices for gasoline and food purchased from stores.This follows a 3.1% increase in June and a 3.7% increase in May. On a seasonally adjusted monthly basis, consumer prices rose 0.1% in July.

All-items Consumer Price Index (CPI):

  1. On July 1, 2010, the Harmonized Sales Tax (HST) came into effect in Ontario and British Columbia. As well, Nova Scotia increased its HST by two percentage points. July 2011 marks the first month for which the calculation for the 12-month rate of change in consumer prices compares two months which both include the July 2010 tax changes.
  2. Energy prices advanced 12.9% during the 12 months to July, following a 15.7% increase in June. On a year-over-year basis, gasoline prices increased 23.5%, compared with the 28.5% gain in June. In contrast, natural gas prices fell.
  3. Food prices rose 4.3% in the 12 months to July, matching the increase in June.
  4. Excluding food and energy, the Consumer Price Index (CPI) increased 1.2% in the 12 months to July, after increasing 1.4% in June.
  5. On a seasonally adjusted monthly basis, consumer prices increased 0.1% from June to July, following a 0.3% decrease from May to June. The transportation index, which includes gasoline, remained unchanged following a 2.4% decline in June. The seasonally adjusted food index continued to rise in July, increasing 0.5% after increasing 0.3% in June. The shelter index rose 0.4% while the recreation, education and reading index increased 0.2%.

Main contributors to the 12-month change in the CPI:

Main upward contributors:

  1. Gasoline (+23.5%)
  2. Passenger vehicle insurance premiums (+4.4%)
  3. Food purchased from restaurants (+2.2%)
  4. Meat (+5.5%)
  5. Fresh vegetables (+12.3%)

Main downward contributors:

  1. Mortgage interest cost (-1.9%)
  2. Purchase of passenger vehicles (-1.0%)
  3. Video equipment (-13.0%)
  4. Natural gas (-3.3%)
  5. Furniture (-2.7%)

Main contributors to the monthly change in the CPI, not seasonally adjusted:

Main upward contributors:

  1. Electricity (+3.1%)
  2. Traveller accommodation (+8.0%)
  3. Fresh fruit (+6.6%)
  4. Men's clothing (+2.4%)
  5. Potatoes (+15.5%)

Main downward contributors:

  1. Gasoline (-0.5%)
  2. Air transportation (-1.9%)
  3. Women's clothing (-1.4%)
  4. Purchase of passenger vehicles (-0.3%)
  5. Children's clothing (-4.6%)
Twelve month and monthly percentage change in the most quoted indexes, not seasonally adjusted