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12-month change:

  1. The Consumer Price Index (CPI) rose 1.5% in the 12 months to December, following a 2.0% increase in November.
  2. The slower year-over-year rise in the CPI was mostly attributable to gasoline prices, which dropped 16.6% in the 12 months to December, after falling 5.9% in November.
  3. Prices increased in seven of the eight major components in the 12 months to December. Higher shelter and food costs contributed the most to the rise in the CPI, while the transportation index, which includes gasoline, declined on a year-over-year basis for the second consecutive month.
  4. Year-over-year change in consumer prices decelerated in nine provinces in December compared with November. Manitoba was the exception. Prince Edward Island was the only province to record a decline in its CPI in the 12 months to December.

Month-to-month change:

  1. On a seasonally adjusted monthly basis, the CPI decreased 0.1% in December, after falling by 0.2% in November.
  2. On a monthly basis and before seasonal adjustment, the CPI declined 0.7% in December, the largest monthly decrease since June 2011.

Bank of Canada’s Core Index:

  1. The Bank of Canada’s core index rose 2.2% in the 12 months to December, after increasing 2.1% in November.

Annual change:

  1. In 2014, the annual average increase in consumer prices was 2.0%. This increase followed gains of 0.9% in 2013 and 1.5% in 2012.

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

Main upward contributors:

  1. Meat (+13.1%)
  2. Natural gas (+16.5%)
  3. Telephone services (+6.7%)
  4. Cigarettes (+11.4%)
  5. Food purchased from restaurants (+2.5%)

Main downward contributors:

  1. Gasoline (-16.6%)
  2. Travel tours (-6.2%)
  3. Fuel oil (-9.8%)
  4. Mortgage interest cost (-0.7%)
  5. Video equipment (-8.0%)

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

Main upward contributors:

  1. Fresh vegetables (+3.9%)
  2. Homeowners’ home and mortgage insurance (+2.2%)
  3. Bakery products (+1.6%)
  4. Food purchased from restaurants (+0.3%)
  5. Electricity (+0.4%)

Main downward contributors:

  1. Gasoline (-9.8%)
  2. Clothing (-4.7%)
  3. Traveller accommodation (-4.0%)
  4. Footwear (-3.7%)
  5. Tools and other household equipment (-2.0%)
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