Do producer prices predict consumer prices?
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Acknowledgements
This work would not have been possible without the contributions of dedicated staff from Statistics Canada: Lydia Couture, Ning Huang and Devin MacKay.
Introduction
There has been a persistent curiosity about the predictability of consumer price inflation by looking at the pass-through effect of prices from earlier stages of production.Note The theory is that the prices of consumer items, particularly goods, respond to cost pressures from the inputs to production. For example, iron ore is an input to the steel industry, which in turn fabricates products used by automotive manufacturers. The finished cars pass on to dealerships, and are sold to consumers. All else equal, a change in price in an important input gets “passed through” the value chain to the consumer. In the actual economy, however, not all else is equal. Price formation in a market economy does not occur on a “cost plus profit margin” model, but along the price that the market bears. Consumers can show resistance to price increases by purchasing domestically produced or imported substitutes, or by simply doing without. Producers similarly can substitute materials or otherwise reduce use of specific inputs. Additionally, and returning to the example, following the higher cost of iron ore, competitive market forces may adjust margins related to transportation, wholesale and retail in such a way as to absorb the price increase and show little movement, if any, in final consumer prices.
This paper examines in particular a limited portion of the value chain, namely the predictive power of producer prices of goods as measured by the Industrial Product Price Index (IPPI) on consumer prices, as measured by the Consumer Price Index (CPI). Specifically, the question to what extent producer prices predict consumer prices, is of heightened current interest. The study focuses on price series excluding the energy component.Note
Presently, there is a surge in popularity in predicting the direction of future consumer price inflation. Inflation has been low and predictable for 30 years in Canada and shows the success of the Bank of Canada’s policy of inflation targeting. First introduced in 1991, the Bank of Canada aims to keep inflation at the 2 percent midpoint of an inflation-control target range 1 to 3 percent. Internationally, the Central Banks of the UK, Australia, New Zealand, the EU and the USA have pursued similar policy goals. Inflation has been around the 2% mark for our key trading partners for a long time now. Several events, however, have led to questions by prominent economists as to whether Central Banks will continue to be able to pursue inflation targeting in the same way as they have the last 30 years.Note First, monetary policy has been expansionary for the better part of 20 years and particularly so since the financial crisis that started in 2008. Both centrally administered, as well as mortgage, interest rates have been kept low and thereby boosted credit and money supply, where a particularly strong acceleration of monetary expansion during the pandemic led to an increase in total credit to the economy at more than twice the rate of GDP. Second, the pandemic led to expansionary fiscal policy of unprecedented fiscal deficits.
Data table for Chart 1
Money Supply (M2+, billions $CAD) | 5-year mortgage rate | |
---|---|---|
2000 | ||
January | 673 | 8.34 |
February | 674 | 8.43 |
March | 679 | 8.24 |
April | 687 | 8.23 |
May | 686 | 8.50 |
June | 692 | 8.34 |
July | 694 | 8.18 |
August | 695 | 8.08 |
September | 697 | 8.08 |
October | 699 | 8.08 |
November | 702 | 8.04 |
December | 712 | 7.81 |
2001 | ||
January | 709 | 7.58 |
February | 712 | 7.52 |
March | 718 | 7.19 |
April | 724 | 7.22 |
May | 728 | 7.38 |
June | 731 | 7.47 |
July | 734 | 7.46 |
August | 736 | 7.39 |
September | 746 | 7.03 |
October | 752 | 6.74 |
November | 763 | 6.51 |
December | 775 | 6.64 |
2002 | ||
January | 774 | 6.62 |
February | 774 | 6.59 |
March | 776 | 6.80 |
April | 779 | 7.00 |
May | 781 | 7.00 |
June | 787 | 6.98 |
July | 790 | 6.90 |
August | 794 | 6.61 |
September | 798 | 6.49 |
October | 802 | 6.50 |
November | 807 | 6.47 |
December | 813 | 6.39 |
2003 | ||
January | 810 | 6.26 |
February | 809 | 6.29 |
March | 812 | 6.33 |
April | 816 | 6.44 |
May | 820 | 6.10 |
June | 828 | 5.62 |
July | 833 | 5.71 |
August | 836 | 5.87 |
September | 836 | 5.97 |
October | 837 | 5.83 |
November | 843 | 6.02 |
December | 851 | 6.00 |
2004 | ||
January | 849 | 5.78 |
February | 849 | 5.51 |
March | 849 | 5.31 |
April | 858 | 5.56 |
May | 865 | 5.82 |
June | 873 | 6.06 |
July | 876 | 6.10 |
August | 875 | 5.97 |
September | 875 | 5.94 |
October | 878 | 5.95 |
November | 880 | 5.87 |
December | 893 | 5.69 |
2005 | ||
January | 892 | 5.60 |
February | 892 | 5.59 |
March | 892 | 5.60 |
April | 902 | 5.67 |
May | 907 | 5.55 |
June | 915 | 5.31 |
July | 915 | 5.26 |
August | 913 | 5.32 |
September | 917 | 5.30 |
October | 923 | 5.39 |
November | 927 | 5.56 |
December | 940 | 5.60 |
2006 | ||
January | 935 | 5.65 |
February | 937 | 5.75 |
March | 940 | 5.78 |
April | 952 | 5.88 |
May | 955 | 6.05 |
June | 966 | 6.12 |
July | 974 | 6.26 |
August | 977 | 6.24 |
September | 986 | 6.13 |
October | 993 | 6.01 |
November | 1003 | 5.99 |
December | 1018 | 5.89 |
2007 | ||
January | 1013 | 5.91 |
February | 1014 | 6.00 |
March | 1019 | 5.91 |
April | 1031 | 5.92 |
May | 1035 | 6.01 |
June | 1048 | 6.51 |
July | 1058 | 6.60 |
August | 1062 | 6.62 |
September | 1069 | 6.61 |
October | 1067 | 6.69 |
November | 1076 | 6.73 |
December | 1096 | 6.75 |
2008 | ||
January | 1098 | 6.81 |
February | 1104 | 6.72 |
March | 1114 | 6.60 |
April | 1130 | 6.40 |
May | 1141 | 6.21 |
June | 1155 | 6.20 |
July | 1162 | 6.37 |
August | 1169 | 6.25 |
September | 1178 | 6.16 |
October | 1192 | 6.46 |
November | 1213 | 6.51 |
December | 1241 | 6.17 |
2009 | ||
January | 1247 | 5.78 |
February | 1253 | 5.28 |
March | 1264 | 5.14 |
April | 1281 | 4.79 |
May | 1289 | 4.62 |
June | 1297 | 4.90 |
July | 1306 | 5.14 |
August | 1310 | 5.13 |
September | 1312 | 4.97 |
October | 1316 | 5.00 |
November | 1321 | 5.06 |
December | 1330 | 4.83 |
2010 | ||
January | 1319 | 4.80 |
February | 1319 | 4.73 |
March | 1317 | 4.71 |
April | 1326 | 5.15 |
May | 1337 | 5.30 |
June | 1349 | 5.18 |
July | 1354 | 5.02 |
August | 1354 | 4.82 |
September | 1360 | 4.60 |
October | 1365 | 4.52 |
November | 1365 | 4.45 |
December | 1379 | 4.50 |
2011 | ||
January | 1371 | 4.55 |
February | 1369 | 4.68 |
March | 1372 | 4.70 |
April | 1382 | 4.87 |
May | 1387 | 4.83 |
June | 1401 | 4.60 |
July | 1405 | 4.57 |
August | 1409 | 4.52 |
September | 1426 | 4.42 |
October | 1438 | 4.35 |
November | 1445 | 4.38 |
December | 1461 | 4.36 |
2012 | ||
January | 1457 | 4.31 |
February | 1451 | 4.23 |
March | 1450 | 4.21 |
April | 1463 | 4.36 |
May | 1474 | 4.35 |
June | 1493 | 4.25 |
July | 1501 | 4.23 |
August | 1503 | 4.23 |
September | 1503 | 4.20 |
October | 1507 | 4.17 |
November | 1517 | 4.15 |
December | 1532 | 4.15 |
2013 | ||
January | 1526 | 4.14 |
February | 1531 | 4.11 |
March | 1539 | 4.02 |
April | 1547 | 4.02 |
May | 1549 | 4.02 |
June | 1561 | 4.00 |
July | 1564 | 4.08 |
August | 1572 | 4.14 |
September | 1577 | 4.33 |
October | 1583 | 4.40 |
November | 1595 | 4.39 |
December | 1614 | 4.39 |
2014 | ||
January | 1611 | 4.38 |
February | 1605 | 4.32 |
March | 1606 | 4.16 |
April | 1613 | 4.02 |
May | 1621 | 4.02 |
June | 1630 | 4.00 |
July | 1634 | 4.01 |
August | 1643 | 4.01 |
September | 1651 | 4.02 |
October | 1661 | 4.00 |
November | 1666 | 4.00 |
December | 1683 | 3.98 |
2015 | ||
January | 1675 | 3.96 |
February | 1676 | 3.91 |
March | 1677 | 3.84 |
April | 1688 | 3.76 |
May | 1692 | 3.74 |
June | 1702 | 3.72 |
July | 1718 | 3.71 |
August | 1728 | 3.71 |
September | 1740 | 3.71 |
October | 1744 | 3.72 |
November | 1756 | 3.72 |
December | 1772 | 3.75 |
2016 | ||
January | 1772 | 3.76 |
February | 1775 | 3.75 |
March | 1776 | 3.73 |
April | 1792 | 3.70 |
May | 1802 | 3.67 |
June | 1818 | 3.66 |
July | 1840 | 3.67 |
August | 1848 | 3.68 |
September | 1864 | 3.67 |
October | 1878 | 3.68 |
November | 1893 | 3.70 |
December | 1911 | 3.74 |
2017 | ||
January | 1917 | 3.73 |
February | 1905 | 3.75 |
March | 1912 | 3.66 |
April | 1932 | 3.62 |
May | 1947 | 3.59 |
June | 1956 | 3.60 |
July | 1957 | 3.72 |
August | 1955 | 3.82 |
September | 1966 | 3.89 |
October | 1975 | 3.98 |
November | 1986 | 4.04 |
December | 2013 | 4.07 |
2018 | ||
January | 2002 | 4.14 |
February | 1996 | 4.26 |
March | 2001 | 4.27 |
April | 2012 | 4.27 |
May | 2016 | 4.35 |
June | 2032 | 4.32 |
July | 2037 | 4.42 |
August | 2047 | 4.43 |
September | 2061 | 4.43 |
October | 2071 | 4.48 |
November | 2089 | 4.38 |
December | 2120 | 4.59 |
2019 | ||
January | 2114 | 4.59 |
February | 2112 | 4.52 |
March | 2124 | 4.44 |
April | 2147 | 4.33 |
May | 2161 | 4.30 |
June | 2174 | 4.23 |
July | 2185 | 4.14 |
August | 2201 | 4.08 |
September | 2218 | 4.07 |
October | 2233 | 4.09 |
November | 2248 | 4.09 |
December | 2276 | 4.08 |
2020 | ||
January | 2267 | 4.08 |
February | 2273 | 4.08 |
March | 2316 | 3.90 |
April | 2396 | 3.95 |
May | 2452 | 3.86 |
June | 2502 | 3.77 |
July | 2532 | 3.64 |
August | 2566 | 3.57 |
September | 2592 | 3.51 |
October | 2618 | 3.45 |
November | 2639 | 3.42 |
December | 2655 | 3.34 |
2021 | ||
January | 2655 | 3.30 |
February | 2674 | 3.25 |
March | 2680 | 3.26 |
April | 2716 | 3.25 |
May | 2747 | 3.25 |
June | 2768 | 3.26 |
July | 2792 | 3.20 |
August | 2812 | 3.20 |
September | 2818 | 3.22 |
October | 2823 | 3.29 |
Source: Statistics Canada. Table 10-10-0112-01 Currency outside banks and chartered bank deposits, month-end, Bank of Canada; Statistics Canada. Table 34-10-0145-01 Canada Mortgage and Housing Corporation, conventional mortgage lending rate, 5-year term |
Data table for Chart 2
Budgetary balance - General governments (Table 36-10-0477-01) | |
---|---|
billions $CAD | |
2000 | |
Q1 | 23.117 |
Q2 | 28.577 |
Q3 | 32.692 |
Q4 | 33.367 |
2001 | |
Q1 | 31.650 |
Q2 | 30.097 |
Q3 | 20.786 |
Q4 | 11.135 |
2002 | |
Q1 | 5.277 |
Q2 | -0.383 |
Q3 | 0.197 |
Q4 | 4.202 |
2003 | |
Q1 | 7.000 |
Q2 | 3.706 |
Q3 | 5.513 |
Q4 | 6.262 |
2004 | |
Q1 | 8.271 |
Q2 | 12.841 |
Q3 | 17.196 |
Q4 | 19.916 |
2005 | |
Q1 | 25.579 |
Q2 | 28.825 |
Q3 | 30.654 |
Q4 | 35.015 |
2006 | |
Q1 | 36.369 |
Q2 | 38.887 |
Q3 | 40.137 |
Q4 | 41.616 |
2007 | |
Q1 | 44.755 |
Q2 | 48.405 |
Q3 | 48.490 |
Q4 | 45.897 |
2008 | |
Q1 | 44.085 |
Q2 | 36.618 |
Q3 | 31.358 |
Q4 | 18.025 |
2009 | |
Q1 | 4.183 |
Q2 | -14.348 |
Q3 | -31.653 |
Q4 | -38.163 |
2010 | |
Q1 | -43.522 |
Q2 | -40.064 |
Q3 | -44.271 |
Q4 | -49.755 |
2011 | |
Q1 | -50.328 |
Q2 | -48.430 |
Q3 | -43.447 |
Q4 | -37.676 |
2012 | |
Q1 | -32.709 |
Q2 | -30.802 |
Q3 | -28.680 |
Q4 | -27.902 |
2013 | |
Q1 | -27.724 |
Q2 | -25.261 |
Q3 | -20.615 |
Q4 | -16.052 |
2014 | |
Q1 | -4.545 |
Q2 | 0.321 |
Q3 | 3.858 |
Q4 | 6.738 |
2015 | |
Q1 | 3.312 |
Q2 | 5.918 |
Q3 | 3.153 |
Q4 | 6.187 |
2016 | |
Q1 | 8.669 |
Q2 | 6.650 |
Q3 | 5.766 |
Q4 | 0.180 |
2017 | |
Q1 | -0.947 |
Q2 | 4.747 |
Q3 | 7.730 |
Q4 | 10.641 |
2018 | |
Q1 | 15.408 |
Q2 | 14.903 |
Q3 | 19.536 |
Q4 | 22.413 |
2019 | |
Q1 | 22.042 |
Q2 | 18.127 |
Q3 | 11.272 |
Q4 | 6.133 |
2020 | |
Q1 | -15.097 |
Q2 | -128.015 |
Q3 | -192.914 |
Q4 | -236.446 |
2022 | |
Q1 | -263.033 |
Q2 | -186.767 |
Q3 | -150.216 |
Source: Statistics Canada. Table 36-10-0477-01 Revenue, expenditure and budgetary balance - General governments, author's calculations. |
Data table for Chart 3
Total Business and Household Credit | |
---|---|
percent of GDP | |
2000 | |
Q1 | 135.0023 |
Q2 | 134.3238 |
Q3 | 132.8161 |
Q4 | 131.8913 |
2001 | |
Q1 | 130.5489 |
Q2 | 130.6636 |
Q3 | 132.5086 |
Q4 | 133.8497 |
2002 | |
Q1 | 135.0705 |
Q2 | 135.5512 |
Q3 | 135.4164 |
Q4 | 134.4762 |
2003 | |
Q1 | 133.1385 |
Q2 | 133.1815 |
Q3 | 133.7217 |
Q4 | 134.3506 |
2004 | |
Q1 | 135.1891 |
Q2 | 136.5107 |
Q3 | 136.6481 |
Q4 | 137.3872 |
2005 | |
Q1 | 137.3436 |
Q2 | 138.4896 |
Q3 | 139.4887 |
Q4 | 139.9522 |
2006 | |
Q1 | 140.0554 |
Q2 | 140.9161 |
Q3 | 141.9663 |
Q4 | 143.2532 |
2007 | |
Q1 | 144.5601 |
Q2 | 146.7193 |
Q3 | 148.4023 |
Q4 | 149.7992 |
2008 | |
Q1 | 150.0668 |
Q2 | 151.2354 |
Q3 | 150.9339 |
Q4 | 152.5327 |
2009 | |
Q1 | 154.3223 |
Q2 | 158.9137 |
Q3 | 164.0669 |
Q4 | 167.1036 |
2010 | |
Q1 | 165.8772 |
Q2 | 165.6404 |
Q3 | 165.4327 |
Q4 | 165.1375 |
2011 | |
Q1 | 164.4886 |
Q2 | 164.5465 |
Q3 | 164.2206 |
Q4 | 163.4382 |
2012 | |
Q1 | 163.6728 |
Q2 | 164.7774 |
Q3 | 166.5523 |
Q4 | 168.3374 |
2013 | |
Q1 | 169.0359 |
Q2 | 169.9953 |
Q3 | 170.2977 |
Q4 | 170.5247 |
2014 | |
Q1 | 169.8959 |
Q2 | 170.2407 |
Q3 | 171.4389 |
Q4 | 173.3041 |
2015 | |
Q1 | 175.8038 |
Q2 | 178.6189 |
Q3 | 182.1213 |
Q4 | 184.7791 |
2016 | |
Q1 | 185.7421 |
Q2 | 187.9824 |
Q3 | 190.4013 |
Q4 | 191.3115 |
2017 | |
Q1 | 192.5576 |
Q2 | 193.1635 |
Q3 | 193.3649 |
Q4 | 193.3507 |
2018 | |
Q1 | 193.4216 |
Q2 | 193.7206 |
Q3 | 193.4941 |
Q4 | 194.6332 |
2019 | |
Q1 | 194.7840 |
Q2 | 195.4992 |
Q3 | 196.5624 |
Q4 | 196.2365 |
2020 | |
Q1 | 198.6570 |
Q2 | 206.8723 |
Q3 | 209.5252 |
Source: Statistics Canada. Table 10-10-0118-01 Credit measures, Bank of Canada; Statistics Canada. Table 36-10-0104-01 Gross domestic product, expenditure-based, Canada, quarterly; author's calculations. |
The macroeconomic outcomes of current economic events on consumer price inflation are unknown, but have led to a renewed interest in identifying advance signals of consumer price inflation. One traditional approach, already alluded to earlier, is to start with the observation that producer prices at earlier stages of production can be viewed as the price of inputs, which are in turn used in the production of final goods. In this uncomplicated view, the IPPI for first stage intermediate goods, second stage intermediate goods and final goods correspond to different input goods linked by their respective place in the different stages of the value-added chain, before goods eventually arrive at retail outlets, where prices get measured by the CPI. In short, changes in prices along the chain of production should link changes in the IPPI to changes in the CPI. This is the often-mentioned pass-through effect.
Statistics Canada has previously examined possible pass-through effects in 1997 and in 2009.Note The earlier study used VAR modelling and found no useable predictive power of the IPPI for the CPI, including for the restrictive definition of the IPPI excluding energy and the Goods-only CPI. The later study found statistical links in some time periods, but identified no solid predictive relation that could be used going forward. Numerous international studies have also failed to identify consistent pass-through effects.Note Results vary between significant and insignificant and even the direction of causation of producer prices to consumer prices has been found to be reversed. With the exception of energy (gasoline) and some food products, the conclusion from the literature is that economists cannot use, however defined, the IPPI to predict movements in the CPI in a way that is valuable to policy makers.
Data and methods
The article studies predictive relations between producer and consumer prices separately for three levels of aggregations: top-level, mid-level and detailed commodities, based on Statistics Canada’s IPPI and CPI programs, from January 2000 to October 2021. The top level of aggregation examines the IPPI excluding energy and the CPI excluding energy using inflation cycle analysis as well as Vector Autoregressive (VAR) models or Vector Error Correction Models (VECM).Note The mid-level aggregates studied are groupings that are available for both the IPPI and the CPI: food, passenger vehicles, householdfurniture.Note The primary analysis tool are graphical descriptions and Pearson appliances, household cleaning products, and correlations. Finally, what makes the current study novel is its investigation of the predictive power of producer prices on consumer prices at the lowest level of aggregation, such as beef and cheese. Methods used are graphical analysis and VAR or VCEM models.
Beyond the 2000-2021 time frame, the study starts with an overview and assessment of the predictive link from the last 40 years.
Top-level aggregate movements in producer and consumer prices
Data table for Chart 4
CPI excl. energy | Total Industrial product price index (IPPI), excluding energy and petroleum products | |
---|---|---|
year-over-year percent change | ||
1982 | ||
January | 10.3 | 6.5 |
February | 10.4 | 6.5 |
March | 10.1 | 6.7 |
April | 10.0 | 6.6 |
May | 10.5 | 6.6 |
June | 10.4 | 6.1 |
July | 10.1 | 5.7 |
August | 9.9 | 5.0 |
September | 9.2 | 5.0 |
October | 9.1 | 4.1 |
November | 9.1 | 4.3 |
December | 8.6 | 3.9 |
1983 | ||
January | 7.8 | 3.3 |
February | 7.4 | 3.4 |
March | 7.1 | 3.0 |
April | 6.5 | 3.0 |
May | 6.1 | 3.0 |
June | 5.1 | 2.8 |
July | 4.9 | 3.2 |
August | 4.8 | 3.4 |
September | 4.8 | 3.2 |
October | 5.0 | 3.8 |
November | 4.2 | 3.8 |
December | 4.2 | 4.4 |
1984 | ||
January | 5.0 | 4.1 |
February | 4.7 | 4.1 |
March | 4.7 | 5.1 |
April | 4.9 | 5.1 |
May | 4.2 | 4.6 |
June | 4.5 | 4.6 |
July | 4.5 | 5.0 |
August | 4.1 | 4.6 |
September | 4.1 | 4.6 |
October | 3.2 | 4.2 |
November | 3.7 | 4.2 |
December | 3.6 | 3.6 |
1985 | ||
January | 3.4 | 3.4 |
February | 3.5 | 3.2 |
March | 3.3 | 3.2 |
April | 3.5 | 2.4 |
May | 3.5 | 2.2 |
June | 3.8 | 2.2 |
July | 3.6 | 1.5 |
August | 3.9 | 1.5 |
September | 3.8 | 1.8 |
October | 3.9 | 2.0 |
November | 3.8 | 2.2 |
December | 4.4 | 2.6 |
1986 | ||
January | 4.4 | 3.3 |
February | 4.4 | 3.1 |
March | 4.5 | 2.5 |
April | 4.8 | 3.3 |
May | 5.3 | 3.1 |
June | 4.8 | 3.2 |
July | 5.4 | 3.4 |
August | 5.4 | 4.3 |
September | 5.7 | 4.5 |
October | 5.8 | 4.9 |
November | 6.0 | 4.7 |
December | 5.8 | 4.1 |
1987 | ||
January | 5.6 | 3.5 |
February | 5.3 | 2.8 |
March | 5.1 | 2.5 |
April | 4.8 | 2.5 |
May | 4.7 | 3.5 |
June | 4.7 | 3.5 |
July | 4.7 | 3.8 |
August | 4.2 | 3.5 |
September | 4.0 | 3.3 |
October | 4.0 | 3.1 |
November | 4.0 | 3.6 |
December | 3.7 | 4.3 |
1988 | ||
January | 3.7 | 5.0 |
February | 4.1 | 5.3 |
March | 4.4 | 5.7 |
April | 4.2 | 5.5 |
May | 4.2 | 4.9 |
June | 4.1 | 5.1 |
July | 4.0 | 5.2 |
August | 4.3 | 5.2 |
September | 4.6 | 5.0 |
October | 4.6 | 4.8 |
November | 4.7 | 5.1 |
December | 4.7 | 4.6 |
1989 | ||
January | 5.0 | 3.9 |
February | 5.0 | 4.2 |
March | 4.9 | 4.2 |
April | 4.9 | 3.6 |
May | 5.2 | 3.1 |
June | 5.4 | 2.6 |
July | 5.4 | 1.8 |
August | 5.2 | 1.3 |
September | 5.1 | 1.0 |
October | 5.2 | 0.3 |
November | 5.0 | -0.6 |
December | 4.9 | -1.1 |
1990 | ||
January | 5.2 | -1.6 |
February | 5.1 | -0.8 |
March | 5.0 | -1.3 |
April | 4.7 | -1.3 |
May | 4.1 | -0.3 |
June | 4.2 | -0.6 |
July | 4.1 | -0.8 |
August | 4.1 | -0.6 |
September | 4.2 | 0.3 |
October | 4.0 | 0.6 |
November | 4.0 | 0.8 |
December | 4.2 | 0.8 |
1991 | ||
January | 6.2 | 1.1 |
February | 5.9 | 0.2 |
March | 6.1 | 0.0 |
April | 6.3 | 0.0 |
May | 6.2 | -0.9 |
June | 6.2 | -0.8 |
July | 5.8 | -0.6 |
August | 5.8 | -1.3 |
September | 5.3 | -2.0 |
October | 4.9 | -2.0 |
November | 4.7 | -2.4 |
December | 4.5 | -1.7 |
1992 | ||
January | 2.1 | -2.2 |
February | 1.9 | -0.9 |
March | 1.7 | -0.2 |
April | 1.7 | -0.5 |
May | 1.4 | 0.3 |
June | 1.1 | 0.5 |
July | 1.3 | 0.6 |
August | 1.2 | 1.6 |
September | 1.3 | 2.4 |
October | 1.6 | 3.0 |
November | 1.8 | 3.9 |
December | 1.9 | 4.2 |
1993 | ||
January | 2.0 | 5.2 |
February | 2.3 | 4.3 |
March | 1.9 | 4.1 |
April | 1.8 | 4.5 |
May | 1.9 | 3.3 |
June | 1.8 | 3.2 |
July | 1.6 | 3.5 |
August | 1.6 | 4.4 |
September | 2.0 | 3.8 |
October | 2.0 | 3.6 |
November | 2.0 | 3.7 |
December | 2.0 | 4.2 |
1994 | ||
January | 1.6 | 3.8 |
February | 0.3 | 4.6 |
March | 0.1 | 4.9 |
April | 0.1 | 5.3 |
May | -0.1 | 6.3 |
June | 0.0 | 7.4 |
July | 0.0 | 7.5 |
August | 0.0 | 7.1 |
September | 0.0 | 7.1 |
October | -0.2 | 7.2 |
November | -0.2 | 7.9 |
December | 0.1 | 8.1 |
1995 | ||
January | 0.6 | 10.2 |
February | 1.7 | 9.3 |
March | 2.2 | 9.4 |
April | 2.6 | 8.5 |
May | 2.7 | 7.8 |
June | 2.6 | 7.7 |
July | 2.8 | 7.8 |
August | 2.7 | 7.1 |
September | 2.5 | 7.2 |
October | 2.5 | 6.5 |
November | 2.3 | 5.3 |
December | 1.8 | 4.2 |
1996 | ||
January | 1.6 | 1.7 |
February | 1.4 | 1.2 |
March | 1.5 | -0.4 |
April | 1.2 | -0.3 |
May | 1.4 | 1.1 |
June | 1.4 | -0.3 |
July | 1.2 | -0.8 |
August | 1.4 | -0.1 |
September | 1.4 | -0.4 |
October | 1.5 | -1.1 |
November | 1.8 | -1.4 |
December | 1.9 | -1.2 |
1997 | ||
January | 1.8 | -1.3 |
February | 1.8 | -0.8 |
March | 1.8 | 0.7 |
April | 1.8 | 2.0 |
May | 1.8 | 0.8 |
June | 1.9 | 1.1 |
July | 1.6 | 0.8 |
August | 1.6 | 0.5 |
September | 1.3 | 0.4 |
October | 1.4 | 1.2 |
November | 0.8 | 2.0 |
December | 0.8 | 1.6 |
1998 | ||
January | 1.4 | 2.0 |
February | 1.5 | 1.9 |
March | 1.4 | 0.4 |
April | 1.2 | 0.4 |
May | 1.3 | 0.4 |
June | 1.3 | 1.1 |
July | 1.4 | 1.7 |
August | 1.4 | 1.8 |
September | 1.5 | 1.4 |
October | 1.4 | 2.2 |
November | 1.6 | 1.7 |
December | 1.5 | 1.2 |
1999 | ||
January | 1.0 | 1.0 |
February | 1.0 | 0.5 |
March | 1.1 | 2.2 |
April | 1.4 | 0.9 |
May | 1.5 | 1.0 |
June | 1.5 | 0.8 |
July | 1.5 | 1.6 |
August | 1.5 | 0.8 |
September | 1.7 | 1.6 |
October | 1.5 | 0.6 |
November | 1.4 | 0.6 |
December | 1.5 | 1.7 |
2000 | ||
January | 1.2 | 1.6 |
February | 1.3 | 2.3 |
March | 1.3 | 2.1 |
April | 1.2 | 3.1 |
May | 1.3 | 3.1 |
June | 1.5 | 2.6 |
July | 1.6 | 1.4 |
August | 1.7 | 1.5 |
September | 1.5 | 1.4 |
October | 1.6 | 2.3 |
November | 1.8 | 3.1 |
December | 2.2 | 1.9 |
2001 | ||
January | 2.1 | 1.9 |
February | 2.4 | 2.2 |
March | 2.4 | 2.4 |
April | 2.6 | 2.0 |
May | 2.6 | 2.3 |
June | 2.5 | 1.6 |
July | 2.7 | 1.4 |
August | 2.5 | 1.3 |
September | 2.5 | 1.6 |
October | 2.4 | -0.1 |
November | 2.1 | -0.2 |
December | 2.0 | -0.4 |
2002 | ||
January | 2.3 | 0.9 |
February | 2.3 | 0.6 |
March | 2.4 | 0.0 |
April | 2.5 | -0.2 |
May | 2.4 | -1.1 |
June | 2.6 | -0.4 |
July | 2.7 | 0.0 |
August | 2.9 | 0.6 |
September | 2.8 | 0.9 |
October | 3.0 | 2.0 |
November | 3.6 | 1.2 |
December | 3.6 | 1.6 |
2003 | ||
January | 3.6 | 0.5 |
February | 3.4 | 0.2 |
March | 3.2 | -0.4 |
April | 2.8 | -1.1 |
May | 2.7 | -2.1 |
June | 2.2 | -2.9 |
July | 1.8 | -1.9 |
August | 1.7 | -2.3 |
September | 1.9 | -2.6 |
October | 1.9 | -3.7 |
November | 1.8 | -3.9 |
December | 1.7 | -3.5 |
2004 | ||
January | 1.5 | -3.1 |
February | 1.1 | -1.2 |
March | 1.2 | -0.1 |
April | 1.2 | 1.9 |
May | 1.4 | 4.8 |
June | 1.6 | 5.5 |
July | 1.6 | 4.1 |
August | 1.4 | 4.3 |
September | 1.5 | 3.2 |
October | 1.5 | 2.9 |
November | 1.7 | 1.7 |
December | 1.6 | 2.6 |
2005 | ||
January | 1.5 | 2.7 |
February | 1.6 | 1.6 |
March | 1.7 | 0.7 |
April | 1.6 | -0.2 |
May | 1.5 | -1.3 |
June | 1.5 | -1.6 |
July | 1.3 | -2.2 |
August | 1.7 | -2.7 |
September | 1.6 | -2.2 |
October | 1.5 | -0.4 |
November | 1.4 | 1.6 |
December | 1.3 | 0.6 |
2006 | ||
January | 1.7 | 0.6 |
February | 1.6 | -0.4 |
March | 1.6 | 0.2 |
April | 1.6 | 0.4 |
May | 1.8 | 0.5 |
June | 1.6 | 0.6 |
July | 1.5 | 2.9 |
August | 1.5 | 2.6 |
September | 1.8 | 2.9 |
October | 2.0 | 2.9 |
November | 1.8 | 2.6 |
December | 1.7 | 3.6 |
2007 | ||
January | 1.8 | 3.8 |
February | 2.3 | 4.3 |
March | 2.1 | 4.5 |
April | 2.3 | 4.0 |
May | 2.1 | 3.0 |
June | 2.2 | 2.6 |
July | 2.5 | 0.4 |
August | 2.3 | 0.1 |
September | 2.1 | -1.0 |
October | 1.9 | -2.8 |
November | 1.7 | -3.1 |
December | 1.7 | -3.0 |
2008 | ||
January | 1.3 | -2.7 |
February | 1.0 | -3.2 |
March | 1.0 | -2.8 |
April | 1.1 | -1.9 |
May | 1.3 | -1.3 |
June | 1.6 | 0.7 |
July | 1.6 | 2.3 |
August | 1.8 | 4.4 |
September | 1.9 | 5.0 |
October | 1.8 | 8.4 |
November | 2.6 | 8.0 |
December | 2.6 | 6.2 |
2009 | ||
January | 2.3 | 5.0 |
February | 2.5 | 5.2 |
March | 2.5 | 4.6 |
April | 2.4 | 3.1 |
May | 2.3 | 1.3 |
June | 2.1 | -0.2 |
July | 1.8 | -1.1 |
August | 1.4 | -2.3 |
September | 1.3 | -2.2 |
October | 1.4 | -4.7 |
November | 1.0 | -3.6 |
December | 0.8 | -2.7 |
2010 | ||
January | 1.3 | -2.4 |
February | 1.3 | -2.5 |
March | 1.0 | -3.2 |
April | 1.1 | -2.2 |
May | 1.0 | 0.5 |
June | 0.9 | 0.2 |
July | 1.3 | 0.4 |
August | 1.4 | 1.0 |
September | 1.5 | 1.8 |
October | 1.9 | 2.9 |
November | 1.5 | 2.8 |
December | 1.7 | 3.0 |
2011 | ||
January | 1.7 | 3.2 |
February | 1.4 | 3.8 |
March | 2.4 | 4.8 |
April | 2.0 | 4.8 |
May | 2.4 | 3.5 |
June | 1.9 | 4.6 |
July | 1.7 | 4.4 |
August | 2.0 | 5.1 |
September | 2.3 | 4.9 |
October | 2.1 | 3.4 |
November | 2.2 | 3.1 |
December | 1.8 | 2.0 |
2012 | ||
January | 2.1 | 1.8 |
February | 2.2 | 1.7 |
March | 1.6 | 1.0 |
April | 2.1 | 0.6 |
May | 1.7 | 0.8 |
June | 1.7 | 0.8 |
July | 1.5 | 0.3 |
August | 1.4 | -1.3 |
September | 0.9 | -1.1 |
October | 1.1 | -0.1 |
November | 0.9 | 0.0 |
December | 1.0 | 0.6 |
2013 | ||
January | 0.7 | 0.3 |
February | 1.2 | 0.3 |
March | 1.1 | 0.5 |
April | 0.7 | 0.0 |
May | 0.7 | -0.1 |
June | 0.9 | -0.3 |
July | 1.0 | 0.0 |
August | 1.0 | 0.8 |
September | 1.0 | -0.1 |
October | 0.9 | -0.2 |
November | 0.8 | -0.2 |
December | 1.0 | 0.1 |
2014 | ||
January | 1.2 | 1.5 |
February | 1.1 | 1.9 |
March | 1.3 | 2.5 |
April | 1.4 | 2.7 |
May | 1.7 | 2.5 |
June | 1.9 | 2.5 |
July | 1.8 | 3.2 |
August | 2.0 | 3.0 |
September | 2.1 | 3.4 |
October | 2.2 | 3.6 |
November | 2.2 | 3.5 |
December | 2.2 | 3.4 |
2015 | ||
January | 2.3 | 3.6 |
February | 2.2 | 3.5 |
March | 2.3 | 2.8 |
April | 2.2 | 2.6 |
May | 2.2 | 3.0 |
June | 2.1 | 3.2 |
July | 2.2 | 3.8 |
August | 2.0 | 4.1 |
September | 2.1 | 4.2 |
October | 2.1 | 3.6 |
November | 2.0 | 3.2 |
December | 2.0 | 3.5 |
2016 | ||
January | 2.2 | 3.5 |
February | 2.0 | 1.9 |
March | 2.1 | 0.7 |
April | 2.1 | 0.2 |
May | 1.9 | 0.9 |
June | 2.0 | 0.9 |
July | 1.9 | 0.8 |
August | 1.8 | 0.1 |
September | 1.6 | 0.3 |
October | 1.4 | 1.0 |
November | 1.3 | 2.1 |
December | 1.3 | 1.2 |
2017 | ||
January | 1.4 | 0.0 |
February | 1.3 | 0.9 |
March | 1.0 | 3.3 |
April | 1.0 | 4.6 |
May | 1.1 | 4.7 |
June | 1.2 | 3.6 |
July | 1.3 | 0.9 |
August | 1.3 | 1.3 |
September | 1.3 | -0.1 |
October | 1.4 | 0.7 |
November | 1.7 | 0.6 |
December | 1.7 | 1.0 |
2018 | ||
January | 1.7 | 0.8 |
February | 2.0 | 1.0 |
March | 1.9 | 0.8 |
April | 1.9 | 0.5 |
May | 1.6 | 0.6 |
June | 1.6 | 2.1 |
July | 2.1 | 3.5 |
August | 2.2 | 3.0 |
September | 1.8 | 4.1 |
October | 2.0 | 3.1 |
November | 1.9 | 2.6 |
December | 2.5 | 3.0 |
2019 | ||
January | 2.1 | 2.7 |
February | 2.1 | 1.9 |
March | 2.2 | 1.6 |
April | 2.2 | 1.9 |
May | 2.7 | 1.0 |
June | 2.6 | -0.4 |
July | 2.5 | -0.7 |
August | 2.4 | 0.5 |
September | 2.4 | 0.3 |
October | 2.3 | 0.1 |
November | 2.3 | -0.1 |
December | 2.0 | -0.2 |
2020 | ||
January | 2.0 | 0.2 |
February | 2.0 | 1.0 |
March | 1.7 | 1.6 |
April | 1.6 | 1.3 |
May | 1.0 | 2.0 |
June | 1.3 | 1.8 |
July | 0.8 | 2.9 |
August | 0.7 | 3.4 |
September | 1.0 | 4.8 |
October | 1.1 | 4.9 |
November | 1.4 | 4.2 |
December | 1.1 | 5.0 |
2021 | ||
January | 1.3 | 6.4 |
February | 1.0 | 8.2 |
March | 1.1 | 8.6 |
April | 1.6 | 11.0 |
May | 2.2 | 13.6 |
June | 2.0 | 14.6 |
July | 2.6 | 13.6 |
August | 3.0 | 11.9 |
September | 3.3 | 11.8 |
October | 3.3 | 12.5 |
Source: Statistics Canada. Table 18-10-0004-13 Consumer Price Index by product group; Statistics Canada. Table 18-10-0265-01 Industrial product price index, by major product group, monthly. |
The sustained fall in consumer price inflation during the early 1990s coincided with the policy regime change towards inflation targets. Between 1992 and 2020, consumer price inflation was within a narrow range of 0.8–3.6%. The period between 2004 and 2020 in particular have showed remarkably stable inflation, with the CPI anchored to a tight band between 0.7-2.8%. The band had been maintained by the Bank of Canada’s management of inflationary expectations, whereby employers, labour and consumers resisted wage and price increases that extended above the target range. The same period, however, had been marked by pronounced fluctuations in producer prices.
Table 1 shows turning points in the IPPI (rather than by business cycles) where the peak to trough, or trough to peak, movement was greater than 5 percentage points (pp), together with the corresponding CPI response. Based on this method, the CPI responds to the IPPI, with a lag, in 10 of the 12 occurrences. These data demonstrate a weak predictive power of the IPPI, the CPI moving within its narrow target band. For the most part, the lags are quite short. For illustration, the IPPI dropped by 13.1 pp in the course of the financial crisis 2008/09 and reached its low in October 2009. The CPI reached its trough 2 months later, in December 2009, with a modest fall of 1.6 pp from its prior peak in November 2008. It bears noting that in some cycles, the CPI moves independently from the IPPI, particularly in the cycle that ended in 2015.
PPI | PPI movement trough-peak (percentage points) | CPI movement trough-peak (percentage points) | Lag (months) | |
---|---|---|---|---|
Jan-90 | trough | -7.3 | -1.3 | 6 |
Jan-93 | peak | 7.6 | 1.3 | 1 |
Nov-96 | trough | -11.6 | -2 | 6 |
Nov-03 | trough | -5.9 | -2.5 | 3 |
Jun-04 | peak | 8.9 | 0.5 | 1 |
Feb-08 | trough | -7.7 | -1.5 | 1 |
Oct-08 | peak | 11.1 | 1.6 | 1 |
Oct-09 | trough | -13.1 | -1.6 | 2 |
Aug-11 | peak | 9.8 | 1.6 | 1 |
Aug-12 | trough | -6.5 | -1.7 | 5 |
Sep-15 | peak | 5.5 | 1.7 | -8 |
Dec-20 | peak | 5.6 | -0.9 | -4 |
Source: Statistics Canada. Table 18-10-0265-01 Industrial product price index, by major product group, excl. energy and petroleum products, monthly; Statistics Canada. Table 18-10-0004-13 Consumer Price Index by product group, excluding energy; author's calculations. |
The results from VAR models (Granger causality) show that movements in the IPPI unidirectionally caused movements in the top-line CPI aggregates between 2000 and August 2021.Note The predictive relation held for the CPI excluding energy and the CPI goods excluding energy aggregate.Note Over the most recent ten-year period, the relation was however unusable for confident prediction because Granger causality was either absent or flowed bidirectionally.Note Results from the Granger tests are in Appendix “A”.
The results from the VAR models and the analysis of inflation cycles point in the same direction. There is a weak and variable predictive link, if any, between movements in the IPPI and later movements in the CPI.
Mid-level aggregates
At mid-level aggregates the extent of overlap of commodities sold and consumed between the IPPI and CPI increases conceptually. For example, there is a higher level of conceptual overlap within the coverage of automobiles in the CPI and IPPI, than there is within the total IPPI and CPI. From the higher conceptual overlap, however, does not necessarily follow that producer prices and consumer prices will show stronger correlations. One such instance can occur where the domestically produced items are a small subset of consumer purchases. For example, relatively few of the clothing items Canadians purchase are produced in Canada. The ones that are produced and purchased domestically might show quite different price movement compared to the imported items. Conversely, in markets where exports predominate, the IPPI reflects to a high extent prices received in foreign markets rather than the Canadian marketplace, such as automobiles. Finally, the IPPI and CPI in certain instances have quite different coverage, for example, the IPPI for furniture includes sales to all clients, not just consumers. Office furniture prices may move quite differently compared to consumer furniture.Note In short, the predictive power of the IPPI may be no stronger at the mid-aggregate level compared to the headline number, indeed, in some instances, it may be lower.
This study presents five mid-level aggregates available for the IPPI and CPI: food, passenger vehicles, furniture, household appliances and household cleaning products. The charts show the year-over-year price changes for the IPPI (in red) and the CPI (in blue). The table reports the Pearson correlation coefficient for various lag structures.
Data table for Chart 5
CPI | IPPI | |
---|---|---|
percent (12month change) | ||
2001 | ||
January | 3.9 | 2.2 |
February | 5.4 | 3.1 |
March | 5.9 | 2.9 |
April | 6.1 | 3.2 |
May | 6.1 | 2.1 |
June | 5.3 | 2.3 |
July | 5.0 | 3.7 |
August | 4.3 | 3.4 |
September | 4.4 | 3.7 |
October | 4.4 | 3.3 |
November | 3.8 | 2.6 |
December | 3.6 | 2.3 |
2002 | ||
January | 4.9 | 2.3 |
February | 4.6 | 2.1 |
March | 3.2 | 1.8 |
April | 3.3 | 0.3 |
May | 1.6 | 0.3 |
June | 1.9 | 0.1 |
July | 1.5 | 0.4 |
August | 1.8 | 0.4 |
September | 1.5 | 1.0 |
October | 1.1 | 2.2 |
November | 2.8 | 2.7 |
December | 2.1 | 3.7 |
2003 | ||
January | 1.8 | 3.3 |
February | 0.8 | 3.0 |
March | 1.3 | 2.9 |
April | 0.8 | 3.2 |
May | 1.8 | 3.8 |
June | 1.7 | 3.1 |
July | 1.7 | 0.4 |
August | 1.3 | -0.5 |
September | 1.6 | 0.6 |
October | 1.9 | -0.1 |
November | 1.1 | 0.7 |
December | 1.5 | 0.0 |
2004 | ||
January | 0.4 | -0.8 |
February | 0.4 | 0.3 |
March | 0.4 | 0.9 |
April | 0.0 | 2.6 |
May | 0.7 | 3.2 |
June | 1.8 | 3.1 |
July | 1.7 | 4.7 |
August | 2.6 | 4.3 |
September | 2.8 | 0.8 |
October | 3.8 | 0.1 |
November | 3.8 | -1.9 |
December | 3.1 | -1.8 |
2005 | ||
January | 2.5 | -1.2 |
February | 2.5 | -1.9 |
March | 2.8 | -2.5 |
April | 4.4 | -4.1 |
May | 3.5 | -4.3 |
June | 2.4 | -4.7 |
July | 2.2 | -5.0 |
August | 2.3 | -3.2 |
September | 1.7 | -1.4 |
October | 1.5 | -1.0 |
November | 0.8 | 0.4 |
December | 1.0 | 0.4 |
2006 | ||
January | 2.9 | 0.3 |
February | 2.9 | -0.7 |
March | 2.1 | -0.5 |
April | 0.7 | -0.5 |
May | 1.2 | -1.0 |
June | 1.4 | 0.7 |
July | 2.1 | 1.9 |
August | 2.3 | 0.4 |
September | 3.2 | 1.5 |
October | 3.1 | 1.4 |
November | 3.3 | 2.3 |
December | 2.3 | 2.5 |
2007 | ||
January | 2.2 | 3.2 |
February | 4.7 | 4.8 |
March | 4.4 | 4.8 |
April | 4.5 | 5.2 |
May | 4.0 | 5.1 |
June | 3.4 | 4.2 |
July | 2.7 | 3.2 |
August | 2.0 | 3.7 |
September | 1.3 | 3.0 |
October | 0.6 | 2.2 |
November | 0.6 | 1.6 |
December | 1.1 | 2.4 |
2008 | ||
January | 1.1 | 2.7 |
February | -0.6 | 2.2 |
March | -0.3 | 2.2 |
April | 0.9 | 2.7 |
May | 1.9 | 3.8 |
June | 3.0 | 5.2 |
July | 4.3 | 5.9 |
August | 5.2 | 6.7 |
September | 6.7 | 5.8 |
October | 7.3 | 6.0 |
November | 9.0 | 5.7 |
December | 9.0 | 4.3 |
2009 | ||
January | 8.6 | 4.0 |
February | 8.9 | 3.1 |
March | 9.5 | 3.3 |
April | 8.3 | 3.3 |
May | 7.4 | 1.9 |
June | 6.4 | 0.7 |
July | 5.6 | -0.6 |
August | 4.4 | -0.9 |
September | 2.7 | -0.5 |
October | 2.1 | 0.0 |
November | 1.3 | 0.4 |
December | 1.3 | 0.4 |
2010 | ||
January | 0.9 | -0.7 |
February | 0.6 | -1.0 |
March | 0.7 | -1.9 |
April | 0.4 | -2.0 |
May | 0.2 | -1.4 |
June | 0.1 | -1.6 |
July | 0.6 | -0.9 |
August | 1.2 | -0.2 |
September | 2.2 | 1.5 |
October | 2.1 | 2.8 |
November | 1.0 | 2.9 |
December | 1.4 | 3.8 |
2011 | ||
January | 1.9 | 4.5 |
February | 2.0 | 6.2 |
March | 3.7 | 7.1 |
April | 3.7 | 7.5 |
May | 4.2 | 6.8 |
June | 4.8 | 7.3 |
July | 5.1 | 7.1 |
August | 5.0 | 7.3 |
September | 4.8 | 5.9 |
October | 4.9 | 4.6 |
November | 5.7 | 3.6 |
December | 5.0 | 2.9 |
2012 | ||
January | 4.9 | 3.0 |
February | 4.7 | 2.3 |
March | 2.0 | 2.6 |
April | 2.4 | 2.1 |
May | 2.5 | 2.5 |
June | 1.8 | 3.0 |
July | 1.9 | 3.5 |
August | 2.2 | 3.1 |
September | 1.4 | 3.3 |
October | 1.9 | 2.9 |
November | 1.5 | 3.3 |
December | 1.2 | 3.2 |
2013 | ||
January | 0.6 | 2.7 |
February | 1.8 | 2.3 |
March | 1.7 | 1.3 |
April | 1.7 | 1.1 |
May | 1.3 | 2.1 |
June | 1.3 | 1.9 |
July | 0.5 | 1.8 |
August | 0.7 | 0.7 |
September | 1.1 | 0.2 |
October | 0.7 | -0.1 |
November | 1.1 | -0.2 |
December | 0.8 | -0.2 |
2014 | ||
January | 1.0 | 0.1 |
February | 1.0 | 1.1 |
March | 1.7 | 3.6 |
April | 1.7 | 5.0 |
May | 2.5 | 3.8 |
June | 3.2 | 3.6 |
July | 3.2 | 3.7 |
August | 2.3 | 3.8 |
September | 3.0 | 4.3 |
October | 3.1 | 4.9 |
November | 3.3 | 5.2 |
December | 4.2 | 6.0 |
2015 | ||
January | 5.4 | 6.4 |
February | 4.3 | 5.3 |
March | 4.2 | 2.8 |
April | 4.0 | 1.2 |
May | 4.1 | 2.3 |
June | 3.6 | 2.6 |
July | 3.5 | 2.7 |
August | 4.0 | 3.7 |
September | 3.9 | 3.4 |
October | 4.6 | 3.4 |
November | 3.7 | 2.4 |
December | 4.1 | 1.3 |
2016 | ||
January | 4.6 | 1.9 |
February | 4.4 | 2.2 |
March | 4.0 | 1.2 |
April | 3.3 | 1.1 |
May | 1.4 | 0.5 |
June | 0.8 | 1.3 |
July | 1.1 | 0.1 |
August | 0.4 | -1.6 |
September | -0.9 | -1.7 |
October | -2.1 | -1.3 |
November | -2.0 | -0.3 |
December | -2.8 | -0.5 |
2017 | ||
January | -4.0 | -0.8 |
February | -4.1 | -0.7 |
March | -3.6 | 0.7 |
April | -2.6 | 0.8 |
May | -1.2 | 1.9 |
June | -0.3 | 1.5 |
July | -0.1 | 1.8 |
August | 0.3 | 2.3 |
September | 0.9 | 1.0 |
October | 0.6 | 0.7 |
November | 0.9 | 1.4 |
December | 1.5 | 1.7 |
2018 | ||
January | 1.6 | 1.2 |
February | 1.4 | 0.4 |
March | 0.5 | 0.2 |
April | 0.7 | 0.3 |
May | -0.5 | -0.4 |
June | 0.1 | -1.0 |
July | 0.1 | -0.9 |
August | 0.3 | -1.1 |
September | 0.6 | 0.4 |
October | 1.1 | 1.6 |
November | 1.4 | 0.6 |
December | 2.5 | 0.9 |
2019 | ||
January | 2.5 | 1.4 |
February | 3.4 | 0.7 |
March | 4.0 | 1.1 |
April | 3.0 | 2.8 |
May | 4.0 | 2.7 |
June | 3.9 | 2.2 |
July | 4.2 | 1.2 |
August | 3.9 | 3.6 |
September | 4.1 | 2.0 |
October | 4.1 | 1.3 |
November | 3.9 | 2.1 |
December | 3.2 | 3.2 |
2020 | ||
January | 3.8 | 3.0 |
February | 2.4 | 3.5 |
March | 2.4 | 4.0 |
April | 4.0 | 4.5 |
May | 3.5 | 8.0 |
June | 3.0 | 5.1 |
July | 2.4 | 3.0 |
August | 1.6 | 1.4 |
September | 1.3 | 5.0 |
October | 2.3 | 5.2 |
November | 1.6 | 4.2 |
December | 0.5 | 2.4 |
2021 | ||
January | 0.1 | 3.2 |
February | 1.3 | 6.0 |
March | 1.3 | 6.3 |
April | 0.1 | 7.1 |
May | 0.9 | 6.0 |
June | 0.7 | 9.5 |
July | 1.0 | 11.4 |
August | 2.6 | 13.3 |
September | 4.2 | 11.4 |
October | 3.9 | 9.1 |
Source: Statistics Canada. Table 18-10-0004-13 Consumer Price Index by product group, monthly, not seasonally adjusted; Statistics Canada. Table 18-10-0267-01 Industrial product price index, by industry, monthly, NAICS 311 |
Data table for Chart 6
CPI | IPPI | |
---|---|---|
percent (12 month change) | ||
2001 | ||
January | -1.2 | 5.1 |
February | -1.2 | 5.9 |
March | -1.2 | 7.2 |
April | 0.6 | 6.1 |
May | 0.5 | 5.1 |
June | 0.5 | 4.5 |
July | 1.6 | 5.3 |
August | 1.5 | 4.4 |
September | 1.5 | 6.6 |
October | 1.5 | 2.3 |
November | -3.0 | 2.0 |
December | -3.0 | 2.7 |
2002 | ||
January | -1.0 | 5.1 |
February | -1.0 | 3.4 |
March | -1.0 | 1.3 |
April | -0.8 | 0.6 |
May | -0.8 | -0.6 |
June | -0.9 | 0.6 |
July | -0.8 | -1.4 |
August | -0.7 | 0.6 |
September | -0.7 | 0.2 |
October | -0.7 | 1.4 |
November | 2.0 | -0.5 |
December | 2.0 | -0.5 |
2003 | ||
January | 1.2 | -3.5 |
February | 1.2 | -4.3 |
March | 1.2 | -6.0 |
April | 0.1 | -7.5 |
May | 0.1 | -10.0 |
June | -1.4 | -12.1 |
July | -1.1 | -7.9 |
August | -1.9 | -9.6 |
September | -2.2 | -12.4 |
October | -2.8 | -15.5 |
November | -1.5 | -16.6 |
December | -2.3 | -15.0 |
2004 | ||
January | -0.8 | -14.8 |
February | -2.7 | -11.9 |
March | -2.3 | -10.1 |
April | -1.5 | -7.1 |
May | -1.2 | -0.4 |
June | 0.2 | 1.0 |
July | 1.2 | -5.1 |
August | -0.5 | -5.3 |
September | -0.9 | -5.7 |
October | -1.2 | -5.6 |
November | 0.9 | -7.6 |
December | 2.7 | -6.5 |
2005 | ||
January | 1.2 | -5.1 |
February | 2.6 | -6.2 |
March | 1.4 | -7.8 |
April | 0.2 | -7.4 |
May | 0.5 | -8.3 |
June | 0.1 | -8.2 |
July | -1.7 | -7.2 |
August | 1.7 | -7.8 |
September | 2.3 | -8.0 |
October | 3.8 | -5.5 |
November | 2.7 | -1.8 |
December | 1.8 | -5.2 |
2006 | ||
January | 2.9 | -6.1 |
February | 3.2 | -7.6 |
March | 3.5 | -5.4 |
April | 3.4 | -7.9 |
May | 2.2 | -11.6 |
June | 1.6 | -10.2 |
July | 2.4 | -8.1 |
August | 0.8 | -7.5 |
September | 1.8 | -5.7 |
October | 1.3 | -4.0 |
November | -2.0 | -4.4 |
December | -1.9 | -1.5 |
2007 | ||
January | -1.4 | 0.8 |
February | -1.0 | 1.1 |
March | -1.1 | 0.2 |
April | -1.2 | -1.5 |
May | -0.3 | -2.1 |
June | 0.5 | -4.8 |
July | -0.2 | -7.2 |
August | -1.3 | -5.9 |
September | -1.0 | -8.5 |
October | -2.5 | -13.6 |
November | -3.8 | -14.0 |
December | -4.0 | -12.3 |
2008 | ||
January | -4.9 | -13.3 |
February | -6.7 | -13.7 |
March | -7.1 | -13.3 |
April | -6.6 | -9.9 |
May | -8.3 | -7.9 |
June | -8.4 | -4.0 |
July | -8.9 | -3.0 |
August | -7.4 | 0.1 |
September | -9.4 | 3.4 |
October | -9.0 | 20.4 |
November | -2.8 | 24.3 |
December | -3.6 | 21.6 |
2009 | ||
January | -8.2 | 19.9 |
February | -6.5 | 23.4 |
March | -7.5 | 24.8 |
April | -8.3 | 19.7 |
May | -6.6 | 14.4 |
June | -5.2 | 10.5 |
July | -4.3 | 10.8 |
August | -4.7 | 3.6 |
September | -5.9 | 2.6 |
October | -4.1 | -9.6 |
November | -6.0 | -11.2 |
December | -3.3 | -12.6 |
2010 | ||
January | 3.1 | -12.4 |
February | 3.5 | -13.3 |
March | 3.9 | -16.4 |
April | 5.3 | -14.8 |
May | 5.1 | -7.9 |
June | 2.8 | -6.1 |
July | 1.7 | -5.9 |
August | 2.2 | -3.1 |
September | 5.0 | -3.3 |
October | 4.9 | -2.1 |
November | 3.9 | -3.3 |
December | 1.5 | -3.2 |
2011 | ||
January | 0.8 | -2.5 |
February | -0.9 | -3.7 |
March | 0.2 | -2.7 |
April | 0.0 | -2.5 |
May | 0.7 | -4.2 |
June | -3.1 | -3.7 |
July | -1.0 | -5.3 |
August | 0.3 | -3.6 |
September | 1.8 | -1.6 |
October | 2.5 | 0.7 |
November | 1.8 | 1.4 |
December | -0.2 | 1.3 |
2012 | ||
January | 1.4 | 0.6 |
February | 1.4 | -0.1 |
March | 2.2 | 0.7 |
April | 3.4 | 1.7 |
May | 1.7 | 2.5 |
June | 3.9 | 3.0 |
July | 2.3 | 3.9 |
August | 2.0 | 0.5 |
September | 0.2 | -1.6 |
October | 0.1 | -2.4 |
November | -1.8 | -2.0 |
December | -0.6 | -2.3 |
2013 | ||
January | -0.8 | -1.7 |
February | 2.5 | -0.1 |
March | 0.8 | 0.8 |
April | -0.7 | 0.6 |
May | -0.5 | -0.5 |
June | 2.0 | -1.0 |
July | 2.0 | 0.1 |
August | 0.6 | 1.9 |
September | 1.4 | 2.4 |
October | 1.7 | 2.0 |
November | 0.4 | 1.9 |
December | 1.4 | 4.2 |
2014 | ||
January | 0.9 | 5.7 |
February | 0.3 | 6.0 |
March | 1.5 | 5.6 |
April | 1.5 | 4.9 |
May | 2.0 | 4.0 |
June | 1.6 | 3.6 |
July | 1.3 | 2.1 |
August | 2.9 | 3.4 |
September | 0.5 | 4.5 |
October | 0.9 | 5.3 |
November | 1.3 | 5.7 |
December | 1.6 | 5.5 |
2015 | ||
January | 1.2 | 7.5 |
February | -1.0 | 9.2 |
March | 1.8 | 9.4 |
April | 1.4 | 9.1 |
May | 1.8 | 9.3 |
June | 2.0 | 10.5 |
July | 2.5 | 14.5 |
August | 0.6 | 14.3 |
September | 1.6 | 14.3 |
October | 1.6 | 12.4 |
November | 1.9 | 12.7 |
December | 3.1 | 13.4 |
2016 | ||
January | 4.0 | 12.5 |
February | 5.0 | 7.8 |
March | 3.2 | 4.1 |
April | 4.6 | 3.1 |
May | 4.3 | 4.2 |
June | 5.6 | 2.8 |
July | 5.4 | 0.9 |
August | 5.2 | -0.6 |
September | 5.8 | -0.8 |
October | 4.4 | 0.7 |
November | 3.0 | 0.7 |
December | 2.6 | -1.8 |
2017 | ||
January | 3.8 | -4.5 |
February | 3.6 | -3.3 |
March | 2.1 | 1.0 |
April | 0.9 | 3.3 |
May | 0.2 | 2.9 |
June | -0.2 | 1.5 |
July | 0.2 | -2.5 |
August | 0.7 | -2.6 |
September | 1.0 | -5.1 |
October | 1.9 | -4.6 |
November | 3.6 | -5.4 |
December | 3.7 | -4.7 |
2018 | ||
January | 1.4 | -4.6 |
February | 2.5 | -4.0 |
March | 1.7 | -6.0 |
April | 1.8 | -5.5 |
May | 0.8 | -5.6 |
June | 1.8 | -4.1 |
July | 2.0 | -0.5 |
August | 2.3 | -0.3 |
September | 0.6 | 2.2 |
October | 1.7 | 0.9 |
November | 0.8 | 0.6 |
December | 0.3 | 0.4 |
2019 | ||
January | 1.3 | 0.4 |
February | 1.4 | 0.5 |
March | 3.0 | 1.4 |
April | 2.7 | 0.7 |
May | 4.2 | 1.1 |
June | 3.0 | 1.1 |
July | 2.8 | 0.8 |
August | 2.9 | 0.9 |
September | 3.4 | 0.8 |
October | 1.8 | 1.1 |
November | 2.9 | 1.4 |
December | 1.4 | 1.5 |
2020 | ||
January | 2.3 | 1.4 |
February | 2.2 | 1.0 |
March | 1.0 | 1.2 |
April | 1.9 | 1.4 |
May | 2.0 | 1.1 |
June | 2.8 | 0.9 |
July | 3.2 | 1.0 |
August | 2.2 | 0.8 |
September | 2.7 | 0.6 |
October | 2.9 | 0.2 |
November | 2.0 | 0.3 |
December | 2.5 | 0.4 |
2021 | ||
January | 2.9 | 0.9 |
February | 2.8 | 1.0 |
March | 3.5 | 0.7 |
April | 3.4 | 0.7 |
May | 5.0 | 0.6 |
June | 4.1 | 1.1 |
July | 5.5 | 1.0 |
August | 7.2 | 1.4 |
September | 7.2 | 1.6 |
October | 6.1 | 1.6 |
Source: Statistics Canada. Table 18-10-0004-13 Consumer Price Index by product group, monthly, not seasonally adjusted; Statistics Canada. Table 18-10-0267-01 Industrial product price index, by industry, monthly, NAICS 33611. |
Data table for Chart 7
CPI | IPPI | |
---|---|---|
percent (12 month change) | ||
2001 | ||
January | 0.1 | 1.4 |
February | 0.0 | 1.6 |
March | 0.1 | 1.8 |
April | -1.6 | 1.6 |
May | -1.6 | 1.6 |
June | 0.5 | 1.7 |
July | 0.5 | 1.6 |
August | 0.5 | 1.6 |
September | -1.0 | 1.6 |
October | -2.8 | 1.7 |
November | -2.9 | 1.7 |
December | -1.4 | 1.7 |
2002 | ||
January | -1.4 | 0.5 |
February | -0.8 | 0.1 |
March | -0.6 | -0.1 |
April | 1.1 | -0.1 |
May | 0.8 | 0.1 |
June | -0.4 | 0.0 |
July | -0.3 | 0.1 |
August | -0.3 | 0.1 |
September | -0.1 | -0.1 |
October | 1.2 | -0.2 |
November | 1.5 | -0.2 |
December | 1.0 | -0.2 |
2003 | ||
January | 1.0 | 0.3 |
February | -0.5 | 0.6 |
March | -0.8 | 0.6 |
April | -0.2 | 0.6 |
May | -0.1 | 0.3 |
June | -1.5 | 0.4 |
July | -1.6 | 0.5 |
August | -1.6 | 0.5 |
September | -1.7 | 0.7 |
October | -0.9 | 0.7 |
November | -1.0 | 0.6 |
December | -1.5 | 0.6 |
2004 | ||
January | -1.5 | 0.1 |
February | -1.5 | 0.0 |
March | -1.3 | -0.1 |
April | -0.5 | 0.1 |
May | -0.6 | 0.2 |
June | -2.5 | 0.3 |
July | -2.6 | 0.2 |
August | -2.6 | 0.3 |
September | -1.8 | 0.4 |
October | -2.8 | 1.0 |
November | -2.8 | 1.3 |
December | -3.2 | 1.3 |
2005 | ||
January | -3.2 | 2.1 |
February | -3.0 | 2.4 |
March | -3.0 | 2.5 |
April | -3.8 | 2.3 |
May | -4.1 | 2.2 |
June | -1.6 | 1.5 |
July | -1.5 | 1.7 |
August | -1.5 | 1.5 |
September | -2.2 | 1.2 |
October | -2.7 | 0.6 |
November | -2.6 | 0.4 |
December | -2.2 | 0.3 |
2006 | ||
January | -2.2 | 0.1 |
February | -2.4 | -0.1 |
March | -2.5 | -0.4 |
April | -2.6 | -1.3 |
May | -1.9 | -1.4 |
June | -2.1 | -0.8 |
July | -3.0 | -0.9 |
August | -3.0 | 0.0 |
September | -3.4 | 0.3 |
October | -2.4 | 0.3 |
November | -2.3 | 1.0 |
December | -3.1 | 1.1 |
2007 | ||
January | -3.1 | 0.5 |
February | -2.6 | 0.1 |
March | -2.9 | 0.4 |
April | -2.5 | 1.3 |
May | -2.5 | 1.3 |
June | -2.4 | 1.2 |
July | -1.5 | 0.5 |
August | -1.5 | -0.3 |
September | -1.1 | -0.5 |
October | -1.9 | -0.7 |
November | -2.0 | -1.2 |
December | -1.3 | -1.1 |
2008 | ||
January | -2.2 | -1.0 |
February | -1.3 | -0.7 |
March | -0.8 | -0.7 |
April | -1.3 | -0.6 |
May | -2.2 | -0.5 |
June | -4.2 | -0.4 |
July | -4.0 | 0.9 |
August | -4.0 | 1.3 |
September | -4.0 | 1.9 |
October | -4.7 | 2.8 |
November | -4.6 | 2.7 |
December | -4.1 | 3.0 |
2009 | ||
January | -3.3 | 3.2 |
February | -2.2 | 3.6 |
March | -2.1 | 3.5 |
April | -0.9 | 3.6 |
May | -0.2 | 3.2 |
June | 2.2 | 3.2 |
July | 2.0 | 2.2 |
August | 2.0 | 2.1 |
September | 0.9 | 1.6 |
October | 1.4 | 0.8 |
November | 1.5 | 0.9 |
December | -1.2 | 0.5 |
2010 | ||
January | -1.2 | 0.2 |
February | -1.9 | -0.2 |
March | -2.3 | -0.1 |
April | -2.6 | -0.2 |
May | -3.1 | 0.0 |
June | -2.1 | 0.0 |
July | -2.1 | 0.2 |
August | -2.1 | 0.0 |
September | -2.4 | -0.1 |
October | -1.0 | 0.2 |
November | -1.6 | 0.0 |
December | -1.2 | 0.0 |
2011 | ||
January | -0.9 | 0.0 |
February | -0.4 | -0.3 |
March | -0.6 | 0.0 |
April | -3.1 | 0.0 |
May | -1.8 | -1.5 |
June | -1.8 | -1.5 |
July | -2.0 | -1.2 |
August | -2.0 | -1.1 |
September | -1.4 | -1.1 |
October | -0.7 | -1.3 |
November | -1.4 | -1.3 |
December | 2.2 | -1.3 |
2012 | ||
January | 2.1 | -1.2 |
February | 0.5 | -0.9 |
March | 0.7 | -1.2 |
April | 3.5 | -1.2 |
May | 3.1 | 0.6 |
June | 1.6 | 1.6 |
July | 1.6 | 1.1 |
August | 1.6 | 1.0 |
September | 1.7 | 1.1 |
October | -0.2 | 1.1 |
November | 1.5 | 1.2 |
December | -2.3 | 1.2 |
2013 | ||
January | -2.6 | 1.1 |
February | -2.6 | 3.9 |
March | -1.3 | 3.3 |
April | -2.1 | 3.3 |
May | -4.3 | 3.4 |
June | -2.8 | 2.3 |
July | -2.8 | 2.3 |
August | -2.9 | 2.4 |
September | -3.1 | 2.1 |
October | -2.6 | 2.2 |
November | -4.0 | 2.3 |
December | -2.3 | 2.1 |
2014 | ||
January | -2.3 | 2.2 |
February | -0.7 | -0.4 |
March | -1.9 | 0.2 |
April | -3.0 | 0.2 |
May | -1.3 | 1.0 |
June | -1.0 | 1.0 |
July | -0.8 | 0.3 |
August | -0.8 | 0.2 |
September | 0.4 | 0.5 |
October | 0.4 | 0.5 |
November | 1.3 | 0.3 |
December | 2.0 | 0.6 |
2015 | ||
January | 2.0 | 0.6 |
February | 1.4 | 1.4 |
March | 2.0 | 1.5 |
April | 4.2 | 1.4 |
May | 4.1 | 0.4 |
June | 3.8 | 2.1 |
July | 3.8 | 3.0 |
August | 4.7 | 3.1 |
September | 5.3 | 3.0 |
October | 7.2 | 2.9 |
November | 4.8 | 2.9 |
December | 3.5 | 2.8 |
2016 | ||
January | 5.2 | 3.1 |
February | 5.5 | 4.7 |
March | 5.4 | 4.4 |
April | 4.7 | 4.4 |
May | 4.1 | 4.4 |
June | 4.7 | 2.6 |
July | 3.4 | 2.8 |
August | 3.8 | 2.7 |
September | 0.8 | 2.7 |
October | -0.7 | 2.7 |
November | 0.8 | 2.8 |
December | 0.7 | 2.6 |
2017 | ||
January | -0.9 | 2.2 |
February | -0.5 | -0.2 |
March | 0.4 | -2.2 |
April | -1.2 | -0.5 |
May | -2.1 | -3.5 |
June | -3.3 | -0.7 |
July | -2.0 | -0.9 |
August | -3.0 | -1.0 |
September | -0.8 | -1.4 |
October | -0.9 | 2.0 |
November | -1.2 | -0.5 |
December | -1.3 | -0.8 |
2018 | ||
January | -1.3 | 1.2 |
February | -1.9 | -0.4 |
March | -1.3 | 1.7 |
April | 0.3 | 2.7 |
May | 0.3 | 6.1 |
June | 0.6 | 3.1 |
July | 0.3 | -1.9 |
August | 0.1 | -1.1 |
September | -0.3 | -0.7 |
October | -0.6 | -3.6 |
November | -0.2 | -1.1 |
December | -2.2 | -0.6 |
2019 | ||
January | -2.2 | -2.7 |
February | 0.1 | -1.1 |
March | -0.7 | -6.7 |
April | -1.6 | -9.4 |
May | -0.5 | -9.5 |
June | -0.3 | -9.6 |
July | -0.1 | -4.9 |
August | -0.9 | -5.4 |
September | -0.1 | -5.5 |
October | -1.1 | -6.0 |
November | -1.3 | -6.0 |
December | -0.1 | -6.2 |
2020 | ||
January | -0.1 | -5.5 |
February | -2.8 | -4.2 |
March | -2.0 | 2.2 |
April | -0.6 | 1.3 |
May | -0.2 | 3.6 |
June | 0.0 | 7.4 |
July | 0.2 | 12.1 |
August | 2.1 | 7.8 |
September | 1.7 | 9.3 |
October | 3.0 | 8.6 |
November | 2.9 | 7.5 |
December | 3.4 | 9.1 |
2021 | ||
January | 3.4 | 6.9 |
February | 6.1 | 7.5 |
March | 5.6 | 6.3 |
April | 5.4 | 7.9 |
May | 4.2 | 3.5 |
June | 5.2 | 3.3 |
July | 5.0 | 3.1 |
August | 5.3 | 2.8 |
September | 5.5 | 4.2 |
October | 5.5 | 8.9 |
Source: Statistics Canada. Table 18-10-0004-13 Consumer Price Index by product group, monthly, not seasonally adjusted; Statistics Canada. Table 18-10-0267-01 Industrial product price index, by industry, monthly, NAICS 3352. |
Data table for Chart 8
CPI | IPPI | |
---|---|---|
percent (12 month change) | ||
2001 | ||
January | 0.2 | 1.5 |
February | -1.4 | 1.5 |
March | -1.4 | 1.6 |
April | 1.9 | 1.6 |
May | 1.8 | 1.5 |
June | -1.0 | 1.9 |
July | -1.4 | 1.9 |
August | -1.4 | 1.6 |
September | 2.4 | 1.5 |
October | 0.3 | 1.5 |
November | 0.3 | 1.6 |
December | 2.5 | 1.8 |
2002 | ||
January | 2.5 | 1.3 |
February | 0.8 | 1.2 |
March | 0.9 | 0.9 |
April | 1.2 | 0.8 |
May | 0.8 | 0.8 |
June | 2.6 | 0.4 |
July | 3.1 | 0.3 |
August | 3.1 | 0.5 |
September | -2.2 | 0.5 |
October | -0.1 | 1.1 |
November | -0.1 | 1.2 |
December | -1.2 | 0.9 |
2003 | ||
January | -1.2 | 0.9 |
February | 1.3 | 0.9 |
March | 1.2 | 0.9 |
April | -0.5 | 1.1 |
May | -0.5 | 0.9 |
June | -0.9 | 0.8 |
July | -0.8 | 1.7 |
August | -0.8 | 1.6 |
September | 1.6 | 1.8 |
October | 0.9 | 1.4 |
November | 0.9 | 1.3 |
December | 0.7 | 1.3 |
2004 | ||
January | 0.7 | 1.7 |
February | -0.8 | 1.6 |
March | -0.8 | 2.0 |
April | 0.0 | 1.8 |
May | 0.0 | 2.4 |
June | -0.7 | 2.8 |
July | -1.5 | 2.0 |
August | -1.5 | 2.3 |
September | -0.4 | 2.1 |
October | -1.0 | 1.9 |
November | -1.0 | 2.7 |
December | 0.3 | 2.8 |
2005 | ||
January | 0.3 | 3.0 |
February | -0.5 | 3.1 |
March | -0.5 | 2.4 |
April | -3.0 | 2.4 |
May | -2.3 | 2.8 |
June | 1.3 | 2.9 |
July | 1.6 | 2.8 |
August | 1.6 | 2.7 |
September | 0.8 | 2.4 |
October | 0.2 | 3.2 |
November | 0.2 | 2.5 |
December | 0.1 | 3.0 |
2006 | ||
January | 0.1 | 3.3 |
February | 0.4 | 3.3 |
March | 0.4 | 3.5 |
April | 1.2 | 3.9 |
May | 0.8 | 3.1 |
June | -1.6 | 2.7 |
July | -2.6 | 3.2 |
August | -2.6 | 3.1 |
September | -4.5 | 3.5 |
October | -4.2 | 2.8 |
November | -4.2 | 2.8 |
December | -2.8 | 2.3 |
2007 | ||
January | -2.8 | 1.7 |
February | -1.5 | 1.7 |
March | -1.5 | 1.8 |
April | -1.3 | 1.7 |
May | -0.8 | 1.8 |
June | -0.2 | 1.7 |
July | 1.2 | 1.3 |
August | 1.2 | 1.3 |
September | 1.0 | 1.2 |
October | -0.1 | 1.2 |
November | -0.1 | 1.1 |
December | 0.3 | 1.1 |
2008 | ||
January | -0.5 | 1.9 |
February | -3.2 | 2.0 |
March | -3.2 | 1.9 |
April | -1.4 | 2.0 |
May | -1.9 | 2.5 |
June | -2.6 | 2.7 |
July | -3.3 | 3.4 |
August | -3.3 | 3.6 |
September | 0.3 | 3.6 |
October | -0.5 | 3.8 |
November | -0.5 | 3.8 |
December | -2.9 | 3.7 |
2009 | ||
January | -2.1 | 3.3 |
February | 1.8 | 3.4 |
March | 1.8 | 3.3 |
April | 3.0 | 2.9 |
May | 3.1 | 2.2 |
June | 0.3 | 2.0 |
July | -0.3 | 1.3 |
August | -0.3 | 0.9 |
September | -0.8 | 0.8 |
October | 2.2 | 0.5 |
November | 2.2 | 0.5 |
December | -2.6 | 0.5 |
2010 | ||
January | -2.6 | -0.3 |
February | -4.2 | -0.5 |
March | -4.2 | -0.5 |
April | -4.9 | -0.5 |
May | -4.3 | -0.2 |
June | -2.2 | -0.1 |
July | -1.5 | -0.3 |
August | -1.5 | -0.5 |
September | -1.6 | -0.3 |
October | -2.9 | -0.2 |
November | -2.9 | -0.1 |
December | 1.3 | -0.1 |
2011 | ||
January | 1.5 | 0.5 |
February | 2.4 | 0.3 |
March | 2.4 | 0.2 |
April | -3.6 | 0.1 |
May | -3.7 | 0.0 |
June | -2.9 | 0.0 |
July | -2.7 | 0.1 |
August | -2.7 | 0.3 |
September | -5.2 | 0.5 |
October | -2.1 | 0.5 |
November | -2.1 | 0.3 |
December | -3.6 | 0.3 |
2012 | ||
January | -3.6 | 0.5 |
February | -4.9 | 0.7 |
March | -4.9 | 0.9 |
April | -2.2 | 1.0 |
May | -2.2 | 1.0 |
June | -2.8 | 1.0 |
July | -3.0 | 1.4 |
August | -3.0 | 1.2 |
September | 0.7 | 1.1 |
October | 0.5 | 1.0 |
November | 0.5 | 1.1 |
December | 1.2 | 1.1 |
2013 | ||
January | 1.0 | 0.3 |
February | 1.1 | -0.1 |
March | 1.1 | 0.2 |
April | 0.3 | 0.3 |
May | -0.2 | 0.2 |
June | 3.6 | 0.1 |
July | 3.7 | -0.2 |
August | 3.6 | -0.1 |
September | 1.9 | 0.1 |
October | 1.1 | 0.3 |
November | 1.1 | 0.2 |
December | 0.2 | 0.2 |
2014 | ||
January | 0.2 | 1.1 |
February | 1.5 | 1.5 |
March | 1.5 | 1.5 |
April | -0.2 | 1.5 |
May | -0.6 | 1.6 |
June | -2.2 | 1.7 |
July | -2.3 | 1.7 |
August | -2.4 | 1.8 |
September | -4.1 | 1.5 |
October | -2.9 | 1.5 |
November | -2.9 | 1.8 |
December | -1.5 | 1.7 |
2015 | ||
January | -1.5 | 1.4 |
February | 0.1 | 1.4 |
March | 0.1 | 1.2 |
April | 6.3 | 1.4 |
May | 6.3 | 1.7 |
June | 4.7 | 1.9 |
July | 6.2 | 2.3 |
August | 5.4 | 2.2 |
September | 4.9 | 2.8 |
October | 2.4 | 2.5 |
November | 1.7 | 2.3 |
December | 0.6 | 2.7 |
2016 | ||
January | 1.8 | 2.6 |
February | -1.0 | 2.6 |
March | 0.4 | 2.8 |
April | -0.1 | 2.5 |
May | 1.0 | 2.3 |
June | 1.3 | 2.2 |
July | 0.4 | 1.7 |
August | 1.6 | 1.8 |
September | 1.6 | 1.5 |
October | 1.8 | 1.7 |
November | 2.4 | 2.4 |
December | 4.8 | 1.6 |
2017 | ||
January | 1.1 | 1.2 |
February | 0.5 | 1.0 |
March | -1.4 | 0.8 |
April | -1.7 | 1.5 |
May | -1.6 | 1.6 |
June | -2.1 | 1.9 |
July | -2.9 | 2.0 |
August | -2.7 | 2.0 |
September | -3.3 | 2.0 |
October | -3.1 | 2.0 |
November | -1.1 | 1.9 |
December | -1.1 | 2.3 |
2018 | ||
January | -1.8 | 2.2 |
February | -1.8 | 2.2 |
March | -1.4 | 2.5 |
April | -2.5 | 3.0 |
May | -2.2 | 3.0 |
June | -2.5 | 2.8 |
July | -1.4 | 3.0 |
August | -1.8 | 3.1 |
September | 0.1 | 3.1 |
October | 0.1 | 3.3 |
November | -2.1 | 3.0 |
December | -2.1 | 2.8 |
2019 | ||
January | -0.2 | 3.0 |
February | -0.2 | 3.1 |
March | 0.1 | 2.8 |
April | 0.9 | 1.5 |
May | -0.5 | 1.8 |
June | -0.3 | 1.5 |
July | -1.7 | 1.2 |
August | -1.9 | 0.9 |
September | -1.1 | 1.2 |
October | -1.1 | 0.8 |
November | 0.0 | 0.6 |
December | 0.0 | 0.8 |
2020 | ||
January | -1.4 | 0.1 |
February | -1.4 | 1.6 |
March | -0.4 | 2.1 |
April | -0.4 | 2.3 |
May | -3.7 | 1.6 |
June | -3.5 | 1.3 |
July | 0.9 | 2.0 |
August | 0.8 | 1.6 |
September | 0.9 | 2.0 |
October | 0.9 | 1.9 |
November | 2.8 | 1.7 |
December | 2.8 | 2.3 |
2021 | ||
January | 4.7 | 3.2 |
February | 4.7 | 1.9 |
March | 5.8 | 2.6 |
April | 5.1 | 3.7 |
May | 9.8 | 4.2 |
June | 9.7 | 5.4 |
July | 8.4 | 5.3 |
August | 8.7 | 6.5 |
September | 6.7 | 5.9 |
October | 6.7 | 6.7 |
Source: Statistics Canada. Table 18-10-0004-13 Consumer Price Index by product group, monthly, not seasonally adjusted; Statistics Canada. Table 18-10-0267-01 Industrial product price index, by industry, monthly, NAICS 337. |
Data table for Chart 9
CPI | IPPI | |
---|---|---|
percent (12 month change) | ||
2001 | ||
January | 0.833333 | 1.893939 |
February | 0.519751 | 2.395965 |
March | 1.570681 | 1.503759 |
April | 1.148225 | 1.877347 |
May | 1.348548 | 0.869565 |
June | 2.180685 | 0.743494 |
July | 2.484472 | 0.493827 |
August | 2.694301 | 0.867410 |
September | 3.020833 | 0.123457 |
October | 3.746098 | 1.111111 |
November | 3.437500 | 0.370370 |
December | 3.092784 | 1.602959 |
2002 | ||
January | 2.685950 | 1.363073 |
February | 3.102378 | 1.354680 |
March | 2.577320 | 1.975309 |
April | 2.167183 | 1.842752 |
May | 2.354145 | 1.600985 |
June | 1.626016 | 1.353014 |
July | 1.515152 | 1.842752 |
August | 1.210898 | 2.211302 |
September | 1.112235 | 2.096178 |
October | -0.100301 | 1.221001 |
November | 1.107754 | 1.353014 |
December | 1.700000 | 0.364078 |
2003 | ||
January | 1.408451 | 0.977995 |
February | 1.103310 | 0.972053 |
March | 1.507538 | 0.847458 |
April | 1.414141 | 1.085645 |
May | 0.500000 | 0.969697 |
June | 0.200000 | 2.548544 |
July | -0.497512 | 1.206273 |
August | -0.099701 | 0.480769 |
September | 0.800000 | 1.932367 |
October | 0.301205 | 0.844391 |
November | -0.099602 | 0.970874 |
December | 0.098328 | 2.781137 |
2004 | ||
January | -0.297619 | 1.452785 |
February | -0.297619 | 0.240674 |
March | -1.089109 | 0.960384 |
April | -0.199203 | 0.000000 |
May | -0.597015 | 0.600240 |
June | 0.299401 | -0.355030 |
July | 0.100000 | 1.072706 |
August | -0.099800 | 1.913876 |
September | -0.793651 | 0.118483 |
October | -0.100100 | 1.435407 |
November | 0.199402 | 1.923077 |
December | -0.982318 | -1.294118 |
2005 | ||
January | -0.099502 | 0.715990 |
February | 0.497512 | 2.280912 |
March | 0.500501 | 0.832342 |
April | 0.698603 | 1.073986 |
May | 0.800801 | 0.835322 |
June | 0.398010 | 0.593824 |
July | 0.899101 | 1.179245 |
August | 1.098901 | 0.469484 |
September | 1.300000 | 0.710059 |
October | 1.603206 | 1.415094 |
November | 1.293532 | 0.471698 |
December | 1.289683 | 1.072706 |
2006 | ||
January | 2.091633 | 2.132701 |
February | 0.792079 | 0.938967 |
March | 1.593625 | 2.004717 |
April | 2.378593 | 1.534829 |
May | 2.184707 | 0.828402 |
June | 2.576809 | 1.298701 |
July | 1.980198 | 0.815851 |
August | 1.778656 | -0.233645 |
September | 1.875617 | 1.175088 |
October | 2.071006 | 0.581395 |
November | 2.161100 | 0.704225 |
December | 1.371205 | 1.650943 |
2007 | ||
January | 1.463415 | 1.044084 |
February | 2.357564 | 0.581395 |
March | 2.058824 | 0.578035 |
April | 0.677638 | 0.813953 |
May | 0.971817 | 1.877934 |
June | 1.062802 | 1.165501 |
July | 1.067961 | 0.578035 |
August | 0.970874 | 1.053864 |
September | 0.968992 | 1.277584 |
October | 1.062802 | 0.000000 |
November | -0.096154 | 1.398601 |
December | 0.869565 | 0.812065 |
2008 | ||
January | -0.673077 | 0.918485 |
February | -1.055662 | 1.965318 |
March | -0.288184 | 1.149425 |
April | -0.192308 | 1.038062 |
May | 0.673725 | 2.880184 |
June | -0.095602 | 0.921659 |
July | 0.576369 | 2.528736 |
August | 1.153846 | 3.244496 |
September | 0.767754 | 2.178899 |
October | 1.720841 | 3.468208 |
November | 4.716073 | 2.643678 |
December | 5.076628 | 3.107020 |
2009 | ||
January | 6.292352 | 2.389078 |
February | 6.498545 | 0.907029 |
March | 6.454721 | 1.590909 |
April | 6.840077 | 2.397260 |
May | 5.736138 | 0.783875 |
June | 5.071770 | 1.598174 |
July | 4.489016 | 0.448430 |
August | 3.897338 | 1.346801 |
September | 3.428571 | -0.448934 |
October | 1.503759 | -0.558659 |
November | -0.735294 | 0.671892 |
December | -0.729262 | -1.227679 |
2010 | ||
January | -1.457195 | -1.333333 |
February | -2.003643 | -0.112360 |
March | -3.529412 | 0.111857 |
April | -4.057710 | -1.337793 |
May | -3.978300 | -0.111111 |
June | -3.278689 | 0.000000 |
July | -2.559415 | -1.227679 |
August | -3.110704 | -1.993355 |
September | -1.841621 | -0.225479 |
October | -2.129630 | 0.224719 |
November | -1.666667 | -1.557286 |
December | -2.203857 | -0.338983 |
2011 | ||
January | -1.016636 | -0.675676 |
February | -1.579926 | -0.337458 |
March | -0.750469 | -1.005587 |
April | 1.033835 | 0.112994 |
May | 1.694915 | 0.444939 |
June | 1.035782 | -0.112360 |
July | 1.313321 | 1.581921 |
August | 2.927290 | 2.146893 |
September | 1.219512 | 1.920904 |
October | 3.405866 | -0.112108 |
November | 2.919021 | 0.564972 |
December | 2.253521 | 0.566893 |
2012 | ||
January | 2.427638 | 0.453515 |
February | 3.871577 | -0.225734 |
March | 3.497164 | 0.112867 |
April | 2.046512 | 0.112867 |
May | 1.296296 | -1.550388 |
June | 2.050326 | 0.000000 |
July | 2.407407 | -0.667408 |
August | 1.376147 | -1.327434 |
September | 2.502317 | -1.441242 |
October | 1.738335 | -0.224467 |
November | 1.738335 | 0.000000 |
December | 1.928375 | 0.338219 |
2013 | ||
January | 0.729262 | 0.790068 |
February | 0.090909 | 1.470588 |
March | 1.095890 | 1.240135 |
April | 1.823154 | 1.127396 |
May | 1.919561 | 0.899888 |
June | 1.095890 | 1.462317 |
July | 0.361664 | 1.679731 |
August | 0.000000 | 1.793722 |
September | -0.180832 | 1.912261 |
October | -0.449640 | 1.912261 |
November | -0.269784 | 2.022472 |
December | 0.270270 | 2.359551 |
2014 | ||
January | 0.090498 | 2.911534 |
February | 0.635786 | 2.675585 |
March | 0.632340 | 2.672606 |
April | -0.805730 | 2.564103 |
May | -0.538117 | 2.341137 |
June | 0.813008 | 1.773836 |
July | 0.090090 | 1.211454 |
August | 0.995475 | 1.541850 |
September | 0.452899 | 1.986755 |
October | 0.271003 | 2.428256 |
November | 0.631199 | 2.312775 |
December | 0.898473 | 2.963776 |
2015 | ||
January | 1.717902 | 3.046790 |
February | 1.083032 | 3.474484 |
March | 0.897666 | 3.579176 |
April | 1.263538 | 3.369565 |
May | 1.352570 | 3.376906 |
June | 0.716846 | 3.485839 |
July | 0.450045 | 4.570185 |
August | 1.523297 | 4.772234 |
September | 1.172227 | 4.761905 |
October | 1.801802 | 3.987069 |
November | 1.075269 | 4.305705 |
December | 0.267142 | 4.051173 |
2016 | ||
January | 0.622222 | 3.695882 |
February | 1.428571 | 2.728227 |
March | 1.334520 | 1.570681 |
April | 0.445633 | 1.366982 |
May | 0.266904 | 1.896733 |
June | 0.355872 | 1.578947 |
July | 1.523297 | 0.728408 |
August | 0.706090 | 0.517598 |
September | -1.158645 | 0.516529 |
October | -1.415929 | 0.829016 |
November | -1.329787 | 0.825593 |
December | -1.332149 | 0.512295 |
2017 | ||
January | -2.561837 | -0.610998 |
February | -2.200704 | -0.510725 |
March | -1.404741 | 1.237113 |
April | 0.000000 | 1.659751 |
May | -0.088731 | 1.758014 |
June | 1.241135 | 1.036269 |
July | 0.617829 | -1.342975 |
August | -0.175285 | -1.853759 |
September | 0.901713 | -2.980473 |
October | 1.885099 | -2.774923 |
November | 1.886792 | -2.763562 |
December | 2.880288 | -3.160041 |
2018 | ||
January | 3.354488 | -2.766393 |
February | 3.150315 | -2.156057 |
March | 0.801425 | -1.629328 |
April | 0.887311 | -1.836735 |
May | 0.799290 | -1.829268 |
June | -0.612960 | 0.923077 |
July | -0.438596 | 3.455497 |
August | -0.087796 | 3.357817 |
September | 0.178731 | 4.449153 |
October | 0.352423 | 4.122622 |
November | 1.763668 | 4.315789 |
December | 1.399825 | 5.052632 |
2019 | ||
January | 2.368421 | 5.057956 |
February | 2.268761 | 4.512067 |
March | 2.826855 | 3.519669 |
April | 2.990325 | 4.054054 |
May | 3.524229 | 3.830228 |
June | 4.933921 | 1.524390 |
July | 5.462555 | 0.607287 |
August | 4.920914 | 1.624365 |
September | 7.582516 | 1.419878 |
October | 4.741001 | 1.421320 |
November | 3.812825 | 1.009082 |
December | 2.588438 | 0.100200 |
2020 | ||
January | 2.399314 | 0.300903 |
February | 2.645051 | 1.004016 |
March | 2.319588 | 2.200000 |
April | 6.404782 | 2.797203 |
May | 6.978723 | 2.293121 |
June | 4.366079 | 1.701702 |
July | 3.425230 | 0.905433 |
August | 3.685092 | -0.399600 |
September | 1.409619 | 0.700000 |
October | 5.783738 | 0.700701 |
November | 4.257095 | 0.999001 |
December | 5.046257 | 0.700701 |
2021 | ||
January | 3.849372 | 0.200000 |
February | 2.909393 | -0.298211 |
March | 3.694374 | -1.859100 |
April | -1.123596 | -2.721088 |
May | -1.511535 | -2.046784 |
June | 0.402253 | -1.870079 |
July | 0.323102 | 0.897308 |
August | -0.969305 | 1.905717 |
September | -0.245298 | 0.794439 |
October | -0.950872 | 0.695825 |
Source: Statistics Canada. Table 18-10-0004-13 Consumer Price Index by product group, monthly, not seasonally adjusted; Statistics Canada. Table 18-10-0267-01 Industrial product price index, by industry, monthly, NAICS 3256. |
Pearson correlation (PPI lagged on CPI) | ||||
---|---|---|---|---|
0 months | 1m | 2m | 3m | |
Food | 0.40 | 0.32 | 0.23 | 0.14 |
Passenger vehicles | -0.07 | -0.09 | -0.10 | -0.11 |
Household appliances | 0.32 | 0.29 | 0.25 | 0.22 |
Cleaning products | 0.12 | 0.03 | -0.01 | -0.06 |
Furniture | 0.05 | 0.02 | 0 | -0.01 |
Visual inspection of the graph for food shows that a correlation between cycles in the IPPI and the CPI exists in a majority of the periods. The correlation, however, is variable in its lag and extent, and is absent in some periods.Note The remaining aggregates show visually and statistically negligible correlation.
The conclusion from the mid-level aggregates is that the predictive power of producer prices on consumer prices has been low to non-existent, except possibly for food, where a weak predictive link exists. The fact that contemporaneous correlations are stronger than lagged correlations (Table 2) is indicative that both producer prices and consumer prices respond to external factors, rather than to each other. Overall, the results from the mid-level aggregates point in the same direction as those from the top-line aggregates.
Low level aggregates
The method starts by identifying, at the lowest level of aggregation, commodities that are closely related in their IPPI and CPI definitions. Twenty such commodities were identified and the graphs show representative results for nine of those (for space reasons).Note An example is butter. In the IPPI, fresh packaged butter as it leaves the creamery is identified by NAPCS 173121. When the producer price for fresh butter changes, a pass-through effect would be expected to show up in consumer prices. The pass-through effect will not be perfect, as margins related to transportation costs, wholesale, retail and taxes can buffer the effects before reaching the grocery store shelves. A visual inspection of the graphs however shows substantially different price indices corresponding to each IPPI/CPI pair for a majority of the commodities.
VAR modelling showed the presence of a predictive short-term link in some commodities; however, where the results were statistically reliable, the effect was muted. For example, after a percentage point increase in the price of pork on the producer side, consumer prices on average increased by 0.078 percentage points one month later. The magnitude of response did not increase after and the cumulative response remained at 0.071 percentage points twelve months after the initial increase in producer prices. In other cases, such as butter, the initial response to an increase in producer prices on consumer prices was higher, (0.49 percentage point after one month), but was not persistent. In the case of butter, after twelve months, the cumulative response was reduced to a muted 0.11 percentage point response.
Similarly, Granger causality was generally absent. A particularly striking finding was that no relation was found between some closely related food items. The primary ingredient in making bread is flour. Granger causality between the IPPI for flour and the IPPI for bread was tested, and none found. Likewise, there was no Granger causality between the IPPI price of bread and the CPI price of bread.
These observations are consistent with evidence from the graphical representations above and are consistent with the findings from the intermediate-level and top-level aggregates.
Data table for Chart 10
CPI | IPPI | |
---|---|---|
Index Jan 2000=100 | ||
2000 | ||
January | 100.0 | 100.0 |
February | 100.1 | 100.0 |
March | 100.3 | 100.0 |
April | 100.3 | 100.0 |
May | 100.4 | 100.0 |
June | 100.5 | 100.0 |
July | 101.9 | 100.0 |
August | 103.3 | 100.0 |
September | 105.1 | 100.0 |
October | 105.4 | 100.0 |
November | 105.9 | 100.0 |
December | 105.9 | 100.0 |
2001 | ||
January | 106.0 | 100.2 |
February | 106.1 | 99.8 |
March | 106.1 | 99.9 |
April | 106.3 | 100.1 |
May | 106.3 | 99.9 |
June | 106.5 | 99.9 |
July | 106.7 | 101.3 |
August | 106.8 | 101.2 |
September | 106.7 | 101.2 |
October | 106.8 | 101.2 |
November | 106.9 | 101.3 |
December | 106.9 | 101.3 |
2002 | ||
January | 107.0 | 104.6 |
February | 107.0 | 104.7 |
March | 107.1 | 104.8 |
April | 107.4 | 104.9 |
May | 107.5 | 104.9 |
June | 107.5 | 104.9 |
July | 107.6 | 104.3 |
August | 107.7 | 104.4 |
September | 107.7 | 104.4 |
October | 107.7 | 104.4 |
November | 107.8 | 104.4 |
December | 108.1 | 104.4 |
2003 | ||
January | 108.3 | 105.2 |
February | 108.4 | 105.3 |
March | 108.5 | 105.3 |
April | 108.5 | 105.5 |
May | 108.6 | 105.4 |
June | 108.5 | 105.8 |
July | 108.6 | 106.0 |
August | 106.9 | 106.0 |
September | 106.9 | 106.0 |
October | 107.0 | 106.1 |
November | 107.1 | 106.1 |
December | 107.1 | 106.1 |
2004 | ||
January | 107.2 | 106.2 |
February | 107.3 | 106.3 |
March | 107.3 | 106.4 |
April | 107.2 | 106.4 |
May | 107.1 | 106.4 |
June | 107.1 | 106.4 |
July | 107.0 | 106.9 |
August | 107.0 | 106.9 |
September | 107.1 | 106.9 |
October | 107.3 | 106.9 |
November | 107.4 | 106.9 |
December | 107.6 | 106.9 |
2005 | ||
January | 107.7 | 107.2 |
February | 108.1 | 107.3 |
March | 108.4 | 107.3 |
April | 108.3 | 107.4 |
May | 108.4 | 107.5 |
June | 108.3 | 107.5 |
July | 108.8 | 107.7 |
August | 108.8 | 107.7 |
September | 108.7 | 107.7 |
October | 109.0 | 107.7 |
November | 109.0 | 107.7 |
December | 109.1 | 107.9 |
2006 | ||
January | 109.2 | 109.9 |
February | 108.9 | 110.3 |
March | 108.8 | 110.4 |
April | 108.8 | 110.6 |
May | 108.9 | 110.6 |
June | 109.1 | 110.7 |
July | 109.2 | 110.7 |
August | 108.8 | 110.7 |
September | 108.5 | 110.7 |
October | 108.4 | 110.7 |
November | 108.5 | 110.7 |
December | 108.6 | 110.7 |
2007 | ||
January | 108.7 | 110.8 |
February | 108.9 | 111.0 |
March | 108.5 | 111.0 |
April | 108.6 | 111.0 |
May | 109.1 | 111.0 |
June | 109.2 | 111.0 |
July | 109.4 | 111.5 |
August | 109.4 | 111.6 |
September | 109.2 | 111.6 |
October | 109.2 | 111.6 |
November | 109.6 | 111.6 |
December | 109.0 | 111.6 |
2008 | ||
January | 108.8 | 112.0 |
February | 108.4 | 112.1 |
March | 108.4 | 112.1 |
April | 108.2 | 113.0 |
May | 108.5 | 113.0 |
June | 108.8 | 113.0 |
July | 108.9 | 113.1 |
August | 108.9 | 113.1 |
September | 108.8 | 113.1 |
October | 108.7 | 113.1 |
November | 108.7 | 113.1 |
December | 108.7 | 113.1 |
2009 | ||
January | 108.9 | 113.5 |
February | 109.1 | 113.6 |
March | 108.6 | 113.6 |
April | 108.5 | 114.6 |
May | 110.1 | 114.6 |
June | 111.7 | 114.6 |
July | 112.3 | 115.0 |
August | 112.9 | 115.0 |
September | 113.2 | 115.0 |
October | 113.0 | 115.6 |
November | 113.3 | 115.6 |
December | 113.0 | 115.7 |
2010 | ||
January | 112.3 | 116.0 |
February | 110.4 | 115.9 |
March | 108.5 | 116.0 |
April | 109.2 | 116.4 |
May | 109.7 | 116.3 |
June | 110.0 | 116.4 |
July | 109.4 | 116.4 |
August | 108.5 | 116.5 |
September | 107.7 | 116.5 |
October | 107.0 | 116.5 |
November | 106.8 | 116.5 |
December | 106.7 | 116.5 |
2011 | ||
January | 106.3 | 116.7 |
February | 106.2 | 117.0 |
March | 106.1 | 116.9 |
April | 105.9 | 117.9 |
May | 105.3 | 117.9 |
June | 104.9 | 117.9 |
July | 104.3 | 117.9 |
August | 104.3 | 117.9 |
September | 104.1 | 118.0 |
October | 104.1 | 117.9 |
November | 104.1 | 117.6 |
December | 104.1 | 117.5 |
2012 | ||
January | 103.9 | 117.7 |
February | 104.0 | 117.6 |
March | 103.9 | 117.7 |
April | 103.3 | 118.2 |
May | 102.3 | 118.2 |
June | 101.4 | 118.1 |
July | 101.2 | 117.9 |
August | 101.0 | 117.8 |
September | 101.0 | 117.2 |
October | 100.6 | 117.0 |
November | 100.5 | 117.0 |
December | 100.5 | 117.0 |
2013 | ||
January | 100.4 | 117.3 |
February | 100.4 | 117.4 |
March | 100.5 | 117.2 |
April | 99.6 | 117.6 |
May | 97.8 | 117.7 |
June | 97.2 | 117.5 |
July | 96.8 | 117.9 |
August | 96.8 | 117.9 |
September | 96.8 | 117.9 |
October | 96.7 | 117.9 |
November | 96.7 | 118.0 |
December | 96.7 | 118.5 |
2014 | ||
January | 96.7 | 118.8 |
February | 96.6 | 118.8 |
March | 96.6 | 118.7 |
April | 96.3 | 119.2 |
May | 96.5 | 118.6 |
June | 96.1 | 118.6 |
July | 96.3 | 118.4 |
August | 96.3 | 118.4 |
September | 96.3 | 118.6 |
October | 96.5 | 118.6 |
November | 96.5 | 118.5 |
December | 96.5 | 118.7 |
2015 | ||
January | 96.5 | 119.0 |
February | 96.5 | 119.1 |
March | 96.5 | 119.2 |
April | 96.3 | 119.4 |
May | 96.5 | 119.2 |
June | 96.1 | 119.5 |
July | 96.0 | 119.5 |
August | 96.0 | 119.6 |
September | 96.0 | 119.5 |
October | 96.0 | 119.5 |
November | 96.0 | 119.6 |
December | 95.8 | 120.1 |
2016 | ||
January | 95.7 | 121.0 |
February | 95.8 | 120.8 |
March | 95.7 | 120.7 |
April | 95.7 | 122.0 |
May | 95.9 | 121.8 |
June | 95.4 | 121.6 |
July | 95.5 | 121.6 |
August | 95.6 | 121.6 |
September | 95.9 | 121.7 |
October | 96.1 | 121.7 |
November | 96.3 | 121.8 |
December | 96.5 | 121.8 |
2017 | ||
January | 96.5 | 122.0 |
February | 96.5 | 122.0 |
March | 96.5 | 122.1 |
April | 96.3 | 122.4 |
May | 96.1 | 122.5 |
June | 95.8 | 122.3 |
July | 95.9 | 122.2 |
August | 95.8 | 122.2 |
September | 95.8 | 122.1 |
October | 95.8 | 122.1 |
November | 95.7 | 122.2 |
December | 95.6 | 122.2 |
2018 | ||
January | 95.6 | 122.2 |
February | 95.7 | 122.2 |
March | 95.7 | 122.4 |
April | 94.9 | 119.3 |
May | 93.5 | 119.4 |
June | 93.3 | 119.3 |
July | 93.2 | 119.3 |
August | 93.2 | 119.3 |
September | 93.0 | 119.3 |
October | 92.8 | 119.3 |
November | 92.8 | 119.3 |
December | 92.9 | 119.4 |
2019 | ||
January | 92.8 | 119.3 |
February | 92.8 | 119.3 |
March | 92.9 | 119.6 |
April | 92.9 | 120.4 |
May | 93.1 | 120.4 |
June | 93.2 | 120.4 |
July | 93.3 | 120.3 |
August | 93.3 | 120.5 |
September | 93.4 | 120.5 |
October | 93.4 | 120.5 |
November | 93.5 | 120.4 |
December | 93.5 | 120.3 |
2020 | ||
January | 93.5 | 120.2 |
February | 93.5 | 120.4 |
March | 93.5 | 120.9 |
April | 93.9 | 121.1 |
May | 93.8 | 121.0 |
June | 93.9 | 120.4 |
July | 94.0 | 121.2 |
August | 94.0 | 120.9 |
September | 94.0 | 120.9 |
October | 94.0 | 120.2 |
November | 94.0 | 120.0 |
December | 94.0 | 119.7 |
2021 | ||
January | 94.0 | 119.6 |
February | 94.0 | 121.3 |
March | 94.0 | 120.8 |
April | 94.1 | 120.2 |
May | 94.4 | 123.9 |
June | 94.5 | 124.1 |
July | 94.5 | 124.7 |
August | 94.5 | 124.5 |
September | 94.5 | 124.5 |
October | 94.5 | 124.4 |
Source: Statistics Canada. Table 18-10-0004-13 Consumer Price Index by product group, monthly, not seasonally adjusted; Statistics Canada. Table 18-10-0266-01 Industrial product price index, by product, monthly, NAPCS 273. |
Data table for Chart 11
CPI | IPPI | |
---|---|---|
Index Jan 2000=100 | ||
2000 | ||
January | 100.0 | 100.0 |
February | 98.2 | 99.4 |
March | 100.3 | 97.7 |
April | 99.4 | 97.7 |
May | 100.2 | 97.7 |
June | 100.0 | 97.7 |
July | 100.5 | 103.4 |
August | 100.2 | 99.4 |
September | 103.1 | 100.6 |
October | 99.9 | 102.4 |
November | 101.9 | 101.0 |
December | 101.3 | 101.0 |
2001 | ||
January | 104.4 | 100.6 |
February | 102.7 | 101.1 |
March | 103.3 | 100.4 |
April | 100.9 | 100.4 |
May | 102.8 | 100.4 |
June | 104.4 | 100.4 |
July | 104.1 | 100.4 |
August | 101.7 | 100.4 |
September | 103.5 | 99.8 |
October | 102.6 | 99.9 |
November | 104.8 | 99.5 |
December | 104.3 | 99.2 |
2002 | ||
January | 106.1 | 98.8 |
February | 104.7 | 99.6 |
March | 108.0 | 99.6 |
April | 107.0 | 99.1 |
May | 106.0 | 98.4 |
June | 105.0 | 100.2 |
July | 105.5 | 102.3 |
August | 105.6 | 99.5 |
September | 106.6 | 98.0 |
October | 106.2 | 97.4 |
November | 107.5 | 98.7 |
December | 107.1 | 100.0 |
2003 | ||
January | 109.0 | 99.9 |
February | 108.3 | 100.0 |
March | 109.7 | 100.5 |
April | 107.1 | 102.2 |
May | 108.0 | 102.1 |
June | 108.8 | 102.0 |
July | 106.8 | 102.3 |
August | 108.1 | 101.5 |
September | 108.6 | 101.5 |
October | 108.1 | 103.7 |
November | 110.6 | 102.8 |
December | 110.0 | 103.5 |
2004 | ||
January | 111.6 | 103.2 |
February | 110.7 | 103.3 |
March | 111.5 | 103.7 |
April | 109.5 | 107.1 |
May | 111.5 | 104.3 |
June | 111.2 | 104.9 |
July | 111.3 | 106.3 |
August | 111.7 | 104.6 |
September | 112.4 | 107.0 |
October | 110.2 | 106.9 |
November | 111.6 | 106.7 |
December | 110.1 | 107.0 |
2005 | ||
January | 115.1 | 106.7 |
February | 114.7 | 107.3 |
March | 115.2 | 108.2 |
April | 118.0 | 108.8 |
May | 115.8 | 109.9 |
June | 117.0 | 107.2 |
July | 114.8 | 110.5 |
August | 117.1 | 110.5 |
September | 117.7 | 110.5 |
October | 112.1 | 110.5 |
November | 118.9 | 110.5 |
December | 117.0 | 110.5 |
2006 | ||
January | 118.8 | 110.5 |
February | 118.9 | 111.2 |
March | 119.7 | 111.2 |
April | 119.3 | 111.9 |
May | 120.9 | 111.9 |
June | 119.9 | 111.9 |
July | 118.8 | 111.9 |
August | 119.8 | 111.9 |
September | 124.7 | 111.9 |
October | 118.7 | 110.3 |
November | 122.7 | 110.3 |
December | 120.2 | 110.3 |
2007 | ||
January | 123.1 | 110.3 |
February | 123.0 | 110.3 |
March | 121.9 | 110.3 |
April | 121.7 | 111.9 |
May | 125.6 | 111.9 |
June | 125.0 | 113.1 |
July | 123.0 | 113.8 |
August | 122.7 | 113.8 |
September | 125.9 | 113.8 |
October | 122.7 | 113.8 |
November | 125.0 | 113.8 |
December | 128.6 | 113.8 |
2008 | ||
January | 130.0 | 113.8 |
February | 128.2 | 113.8 |
March | 124.9 | 115.1 |
April | 129.1 | 117.4 |
May | 130.2 | 117.4 |
June | 130.2 | 117.4 |
July | 127.9 | 117.4 |
August | 128.3 | 117.4 |
September | 130.8 | 117.4 |
October | 129.8 | 118.4 |
November | 133.2 | 118.4 |
December | 131.9 | 118.4 |
2009 | ||
January | 138.8 | 118.4 |
February | 137.6 | 118.4 |
March | 138.8 | 119.5 |
April | 133.6 | 119.5 |
May | 135.1 | 119.5 |
June | 137.8 | 119.5 |
July | 136.3 | 119.5 |
August | 134.5 | 119.5 |
September | 137.4 | 119.5 |
October | 136.5 | 119.5 |
November | 137.3 | 121.9 |
December | 139.5 | 121.9 |
2010 | ||
January | 141.8 | 121.9 |
February | 140.8 | 121.9 |
March | 138.4 | 121.9 |
April | 136.7 | 121.9 |
May | 140.3 | 121.9 |
June | 138.3 | 121.9 |
July | 138.8 | 121.9 |
August | 141.3 | 121.9 |
September | 141.6 | 121.9 |
October | 140.3 | 121.9 |
November | 141.7 | 120.8 |
December | 140.1 | 120.8 |
2011 | ||
January | 142.8 | 120.8 |
February | 143.0 | 120.8 |
March | 145.0 | 121.7 |
April | 142.5 | 124.8 |
May | 143.3 | 126.5 |
June | 139.1 | 126.5 |
July | 139.1 | 126.5 |
August | 142.2 | 126.5 |
September | 142.8 | 126.5 |
October | 143.9 | 126.5 |
November | 144.3 | 126.9 |
December | 141.7 | 126.9 |
2012 | ||
January | 145.9 | 126.9 |
February | 145.5 | 127.7 |
March | 145.0 | 127.7 |
April | 143.8 | 127.7 |
May | 147.5 | 127.7 |
June | 146.2 | 127.7 |
July | 146.8 | 131.4 |
August | 146.5 | 131.4 |
September | 145.1 | 132.7 |
October | 144.8 | 132.7 |
November | 149.1 | 132.7 |
December | 144.6 | 132.7 |
2013 | ||
January | 147.7 | 132.7 |
February | 149.0 | 132.7 |
March | 145.4 | 132.7 |
April | 144.7 | 132.7 |
May | 147.1 | 132.7 |
June | 144.8 | 132.7 |
July | 140.2 | 132.7 |
August | 146.2 | 132.7 |
September | 141.8 | 132.7 |
October | 144.4 | 132.7 |
November | 144.6 | 132.7 |
December | 141.4 | 132.7 |
2014 | ||
January | 144.1 | 132.7 |
February | 145.2 | 132.7 |
March | 144.5 | 132.7 |
April | 139.2 | 132.7 |
May | 140.3 | 132.7 |
June | 138.4 | 132.7 |
July | 137.0 | 132.7 |
August | 141.4 | 132.7 |
September | 140.1 | 132.7 |
October | 138.2 | 132.7 |
November | 137.3 | 132.7 |
December | 138.6 | 132.7 |
2015 | ||
January | 141.9 | 132.7 |
February | 141.4 | 132.7 |
March | 139.5 | 132.7 |
April | 140.1 | 132.7 |
May | 139.3 | 132.7 |
June | 137.6 | 132.7 |
July | 135.2 | 132.7 |
August | 134.4 | 132.7 |
September | 137.3 | 132.7 |
October | 139.2 | 132.7 |
November | 134.3 | 132.7 |
December | 135.0 | 132.7 |
2016 | ||
January | 136.6 | 132.7 |
February | 138.2 | 132.7 |
March | 135.9 | 132.7 |
April | 136.5 | 132.7 |
May | 135.5 | 132.7 |
June | 131.0 | 132.7 |
July | 133.5 | 132.7 |
August | 135.1 | 132.7 |
September | 131.2 | 132.7 |
October | 133.2 | 132.7 |
November | 131.7 | 132.7 |
December | 133.0 | 132.7 |
2017 | ||
January | 138.0 | 135.0 |
February | 137.3 | 135.0 |
March | 133.5 | 135.0 |
April | 132.4 | 136.5 |
May | 134.6 | 136.5 |
June | 130.5 | 134.2 |
July | 131.2 | 133.3 |
August | 131.2 | 133.3 |
September | 130.5 | 133.2 |
October | 130.5 | 133.2 |
November | 132.4 | 133.2 |
December | 133.0 | 133.2 |
2018 | ||
January | 135.5 | 133.2 |
February | 136.0 | 133.2 |
March | 138.0 | 130.8 |
April | 133.7 | 130.8 |
May | 131.3 | 130.8 |
June | 127.5 | 130.8 |
July | 127.2 | 130.8 |
August | 128.7 | 130.8 |
September | 127.2 | 146.1 |
October | 130.0 | 146.1 |
November | 130.6 | 146.1 |
December | 132.0 | 153.3 |
2019 | ||
January | 134.8 | 153.3 |
February | 135.5 | 153.3 |
March | 136.1 | 153.3 |
April | 136.2 | 153.3 |
May | 134.0 | 153.3 |
June | 127.9 | 153.3 |
July | 129.9 | 153.3 |
August | 129.9 | 153.3 |
September | 134.4 | 153.3 |
October | 135.8 | 153.3 |
November | 133.9 | 153.3 |
December | 135.2 | 153.3 |
2020 | ||
January | 138.0 | 153.3 |
February | 135.7 | 153.3 |
March | 142.2 | 153.3 |
April | 137.4 | 153.3 |
May | 145.0 | 153.3 |
June | 141.0 | 153.3 |
July | 141.9 | 153.3 |
August | 140.5 | 153.3 |
September | 142.8 | 153.3 |
October | 141.0 | 153.3 |
November | 140.4 | 153.3 |
December | 135.8 | 153.3 |
2021 | ||
January | 139.9 | 153.3 |
February | 141.7 | 153.3 |
March | 140.2 | 149.7 |
April | 138.5 | 149.7 |
May | 143.0 | 149.7 |
June | 136.0 | 150.0 |
July | 137.5 | 150.0 |
August | 135.8 | 150.0 |
September | 145.4 | 150.0 |
October | 140.4 | 150.0 |
Source: Statistics Canada. Table 18-10-0004-13 Consumer Price Index by product group, monthly, not seasonally adjusted; Statistics Canada. Table 18-10-0266-01 Industrial product price index, by product, monthly, NAPCS 17314. |
Data table for Chart 12
CPI | IPPI | |
---|---|---|
Index Jan 2000=100 | ||
2011 | ||
January | 100.0 | 100.0 |
February | 100.5 | 101.3 |
March | 102.3 | 102.3 |
April | 100.7 | 102.7 |
May | 101.8 | 102.7 |
June | 102.5 | 102.7 |
July | 101.2 | 102.7 |
August | 100.5 | 103.0 |
September | 101.8 | 103.0 |
October | 102.1 | 103.0 |
November | 101.0 | 103.0 |
December | 100.2 | 102.9 |
2012 | ||
January | 99.3 | 102.9 |
February | 101.3 | 103.5 |
March | 102.8 | 104.5 |
April | 101.1 | 105.0 |
May | 101.2 | 104.9 |
June | 100.9 | 105.0 |
July | 101.4 | 105.0 |
August | 102.0 | 104.9 |
September | 101.8 | 105.0 |
October | 100.4 | 105.0 |
November | 101.2 | 105.0 |
December | 100.9 | 105.1 |
2013 | ||
January | 99.5 | 105.1 |
February | 102.5 | 105.1 |
March | 101.4 | 105.1 |
April | 101.8 | 105.7 |
May | 100.8 | 106.2 |
June | 99.5 | 106.2 |
July | 101.5 | 106.2 |
August | 102.4 | 106.2 |
September | 100.2 | 106.2 |
October | 99.4 | 106.2 |
November | 100.2 | 106.2 |
December | 98.9 | 106.6 |
2014 | ||
January | 99.8 | 106.6 |
February | 100.2 | 107.4 |
March | 99.9 | 107.9 |
April | 100.4 | 107.9 |
May | 100.1 | 107.9 |
June | 100.3 | 107.9 |
July | 100.3 | 107.9 |
August | 100.5 | 107.9 |
September | 102.3 | 107.9 |
October | 100.6 | 107.9 |
November | 103.8 | 107.9 |
December | 103.2 | 107.9 |
2015 | ||
January | 101.3 | 107.9 |
February | 103.2 | 107.9 |
March | 102.4 | 107.9 |
April | 100.7 | 107.9 |
May | 102.5 | 107.9 |
June | 104.5 | 108.5 |
July | 102.5 | 108.6 |
August | 101.6 | 108.6 |
September | 101.2 | 108.6 |
October | 103.3 | 108.6 |
November | 103.1 | 108.6 |
December | 101.9 | 108.6 |
2016 | ||
January | 101.4 | 108.6 |
February | 101.8 | 109.3 |
March | 100.8 | 110.3 |
April | 101.8 | 111.2 |
May | 100.6 | 111.3 |
June | 99.8 | 111.3 |
July | 99.1 | 111.3 |
August | 99.8 | 111.3 |
September | 97.9 | 112.9 |
October | 99.2 | 113.0 |
November | 100.1 | 113.0 |
December | 98.0 | 113.0 |
2017 | ||
January | 100.2 | 112.8 |
February | 98.8 | 112.8 |
March | 98.8 | 112.8 |
April | 99.8 | 113.8 |
May | 99.0 | 113.8 |
June | 98.8 | 113.8 |
July | 96.8 | 113.8 |
August | 97.5 | 113.8 |
September | 96.7 | 113.8 |
October | 96.0 | 113.8 |
November | 96.1 | 113.8 |
December | 96.9 | 113.8 |
2018 | ||
January | 96.7 | 113.8 |
February | 96.7 | 114.4 |
March | 96.1 | 114.8 |
April | 97.7 | 114.8 |
May | 97.9 | 114.8 |
June | 97.0 | 114.6 |
July | 96.0 | 113.5 |
August | 96.3 | 114.3 |
September | 97.2 | 114.8 |
October | 94.8 | 116.3 |
November | 95.2 | 114.1 |
December | 97.2 | 114.4 |
2019 | ||
January | 95.9 | 117.2 |
February | 96.6 | 115.0 |
March | 96.6 | 114.4 |
April | 98.2 | 117.1 |
May | 98.7 | 117.2 |
June | 97.5 | 116.8 |
July | 98.1 | 117.0 |
August | 98.3 | 116.5 |
September | 98.3 | 116.9 |
October | 97.0 | 116.6 |
November | 97.4 | 116.9 |
December | 98.9 | 116.7 |
2020 | ||
January | 100.2 | 116.7 |
February | 99.8 | 118.9 |
March | 99.8 | 120.3 |
April | 103.5 | 120.3 |
May | 102.7 | 120.3 |
June | 101.2 | 120.3 |
July | 101.3 | 120.0 |
August | 102.1 | 120.0 |
September | 100.3 | 120.0 |
October | 98.8 | 119.9 |
November | 102.1 | 119.9 |
December | 101.5 | 119.9 |
2021 | ||
January | 103.1 | 119.9 |
February | 102.9 | 121.9 |
March | 102.5 | 122.1 |
April | 104.4 | 122.1 |
May | 104.8 | 122.1 |
June | 104.3 | 122.1 |
July | 103.9 | 122.3 |
August | 106.2 | 122.8 |
September | 104.9 | 122.9 |
October | 103.4 | 123.0 |
Source: Statistics Canada. Table 18-10-0004-13 Consumer Price Index by product group, monthly, not seasonally adjusted; Statistics Canada. Table 18-10-0266-01 Industrial product price index, by product, monthly, NAPCS 17313. |
Data table for Chart 13
CPI | IPPI | |
---|---|---|
Index Jan 2000=100 | ||
2000 | ||
January | 100.0 | 100.0 |
February | 100.8 | 100.1 |
March | 100.6 | 100.2 |
April | 100.6 | 100.6 |
May | 102.1 | 100.7 |
June | 102.6 | 100.7 |
July | 102.2 | 100.7 |
August | 100.7 | 100.8 |
September | 102.2 | 100.9 |
October | 102.3 | 100.4 |
November | 102.2 | 100.7 |
December | 102.7 | 100.5 |
2001 | ||
January | 103.4 | 100.1 |
February | 105.8 | 100.8 |
March | 107.3 | 101.3 |
April | 107.3 | 102.5 |
May | 107.6 | 102.5 |
June | 108.1 | 102.6 |
July | 108.0 | 102.8 |
August | 107.8 | 102.9 |
September | 107.8 | 102.9 |
October | 107.9 | 102.6 |
November | 107.9 | 102.7 |
December | 108.2 | 102.3 |
2002 | ||
January | 108.3 | 102.6 |
February | 109.5 | 104.3 |
March | 111.5 | 104.6 |
April | 112.2 | 105.7 |
May | 112.2 | 105.5 |
June | 110.3 | 106.1 |
July | 111.8 | 106.1 |
August | 111.6 | 105.9 |
September | 111.9 | 106.0 |
October | 111.9 | 106.1 |
November | 111.7 | 105.7 |
December | 112.1 | 105.9 |
2003 | ||
January | 112.5 | 105.5 |
February | 115.6 | 106.5 |
March | 115.8 | 107.3 |
April | 116.5 | 108.4 |
May | 116.7 | 108.3 |
June | 116.0 | 108.5 |
July | 116.0 | 108.2 |
August | 116.6 | 108.4 |
September | 116.2 | 108.5 |
October | 116.4 | 108.4 |
November | 116.0 | 108.3 |
December | 115.5 | 108.2 |
2004 | ||
January | 115.9 | 108.6 |
February | 118.0 | 110.3 |
March | 119.0 | 111.5 |
April | 118.8 | 112.8 |
May | 119.1 | 112.5 |
June | 118.5 | 112.4 |
July | 119.5 | 111.8 |
August | 118.9 | 112.9 |
September | 118.6 | 112.9 |
October | 118.9 | 112.9 |
November | 119.2 | 112.5 |
December | 119.7 | 113.3 |
2005 | ||
January | 120.1 | 112.1 |
February | 121.8 | 119.7 |
March | 127.6 | 120.4 |
April | 128.9 | 119.3 |
May | 129.7 | 119.3 |
June | 130.7 | 119.2 |
July | 130.3 | 119.4 |
August | 131.0 | 119.2 |
September | 130.9 | 119.1 |
October | 131.0 | 119.2 |
November | 130.7 | 120.1 |
December | 130.7 | 119.8 |
2006 | ||
January | 130.9 | 118.7 |
February | 130.7 | 121.0 |
March | 131.5 | 119.2 |
April | 130.5 | 119.7 |
May | 131.8 | 119.5 |
June | 132.0 | 120.7 |
July | 132.0 | 120.2 |
August | 132.0 | 120.4 |
September | 131.5 | 120.0 |
October | 128.7 | 120.1 |
November | 131.3 | 120.7 |
December | 131.0 | 120.3 |
2007 | ||
January | 133.0 | 118.9 |
February | 132.5 | 119.2 |
March | 133.1 | 119.4 |
April | 133.7 | 119.6 |
May | 132.6 | 120.7 |
June | 134.5 | 120.3 |
July | 134.0 | 118.1 |
August | 134.3 | 120.0 |
September | 133.8 | 120.3 |
October | 133.4 | 119.4 |
November | 132.4 | 119.3 |
December | 130.6 | 120.2 |
2008 | ||
January | 135.8 | 119.2 |
February | 135.8 | 120.1 |
March | 136.2 | 122.9 |
April | 135.7 | 120.8 |
May | 136.0 | 120.9 |
June | 138.6 | 121.4 |
July | 138.3 | 121.9 |
August | 138.5 | 121.4 |
September | 137.8 | 121.4 |
October | 139.4 | 122.0 |
November | 139.6 | 122.8 |
December | 138.6 | 124.2 |
2009 | ||
January | 141.3 | 124.0 |
February | 141.2 | 122.2 |
March | 142.9 | 123.6 |
April | 142.3 | 123.3 |
May | 141.9 | 123.6 |
June | 143.3 | 123.7 |
July | 142.0 | 124.1 |
August | 139.3 | 123.9 |
September | 140.2 | 124.6 |
October | 138.9 | 123.6 |
November | 139.3 | 123.4 |
December | 138.0 | 123.5 |
2010 | ||
January | 140.0 | 123.0 |
February | 141.9 | 124.3 |
March | 142.8 | 125.0 |
April | 140.2 | 123.8 |
May | 139.9 | 125.6 |
June | 138.2 | 124.1 |
July | 137.6 | 125.3 |
August | 136.6 | 124.1 |
September | 137.6 | 124.1 |
October | 136.8 | 125.3 |
November | 139.3 | 123.9 |
December | 137.6 | 122.0 |
2011 | ||
January | 139.5 | 121.9 |
February | 142.6 | 122.5 |
March | 143.7 | 122.5 |
April | 142.2 | 122.3 |
May | 144.0 | 122.4 |
June | 142.2 | 122.5 |
July | 142.7 | 124.1 |
August | 143.0 | 122.4 |
September | 144.2 | 123.6 |
October | 143.4 | 122.1 |
November | 141.7 | 123.1 |
December | 142.6 | 122.4 |
2012 | ||
January | 144.2 | 122.4 |
February | 144.7 | 124.1 |
March | 146.1 | 124.1 |
April | 144.7 | 124.5 |
May | 145.2 | 124.3 |
June | 145.2 | 124.3 |
July | 146.1 | 124.6 |
August | 144.8 | 124.6 |
September | 143.9 | 124.6 |
October | 143.2 | 124.7 |
November | 143.9 | 124.8 |
December | 141.2 | 124.7 |
2013 | ||
January | 144.2 | 124.7 |
February | 144.0 | 124.7 |
March | 141.9 | 124.5 |
April | 142.7 | 125.2 |
May | 142.2 | 124.7 |
June | 145.6 | 125.4 |
July | 143.8 | 124.3 |
August | 145.6 | 124.6 |
September | 144.5 | 124.1 |
October | 142.9 | 124.0 |
November | 143.5 | 123.8 |
December | 143.0 | 124.7 |
2014 | ||
January | 143.0 | 124.2 |
February | 142.3 | 125.5 |
March | 146.5 | 125.9 |
April | 148.4 | 127.4 |
May | 147.6 | 127.2 |
June | 146.6 | 127.7 |
July | 145.2 | 126.9 |
August | 147.9 | 128.1 |
September | 147.5 | 128.4 |
October | 147.1 | 129.2 |
November | 148.5 | 130.5 |
December | 147.1 | 129.4 |
2015 | ||
January | 147.4 | 126.8 |
February | 148.7 | 124.7 |
March | 149.3 | 125.6 |
April | 145.7 | 125.8 |
May | 149.4 | 125.8 |
June | 148.6 | 125.9 |
July | 150.1 | 125.4 |
August | 148.3 | 127.8 |
September | 150.7 | 127.4 |
October | 148.1 | 128.0 |
November | 151.2 | 128.3 |
December | 150.4 | 128.1 |
2016 | ||
January | 153.1 | 127.5 |
February | 156.4 | 131.9 |
March | 156.1 | 130.2 |
April | 156.8 | 129.2 |
May | 156.4 | 128.1 |
June | 153.2 | 128.9 |
July | 156.7 | 128.7 |
August | 155.5 | 129.2 |
September | 153.3 | 130.4 |
October | 146.6 | 130.5 |
November | 147.5 | 131.0 |
December | 148.4 | 130.5 |
2017 | ||
January | 149.2 | 129.7 |
February | 148.7 | 130.2 |
March | 155.6 | 131.3 |
April | 153.3 | 130.7 |
May | 154.5 | 131.6 |
June | 155.5 | 131.3 |
July | 155.8 | 131.2 |
August | 155.2 | 131.8 |
September | 156.0 | 131.9 |
October | 152.6 | 132.8 |
November | 152.6 | 133.4 |
December | 150.9 | 132.0 |
2018 | ||
January | 154.9 | 131.5 |
February | 156.3 | 132.0 |
March | 153.5 | 133.6 |
April | 153.2 | 134.2 |
May | 151.4 | 131.7 |
June | 149.5 | 131.3 |
July | 154.7 | 132.1 |
August | 151.6 | 130.1 |
September | 154.9 | 129.3 |
October | 154.1 | 130.2 |
November | 154.9 | 129.3 |
December | 154.4 | 129.8 |
2019 | ||
January | 162.7 | 130.8 |
February | 162.6 | 130.7 |
March | 161.5 | 130.1 |
April | 154.1 | 130.2 |
May | 160.2 | 130.1 |
June | 155.3 | 132.1 |
July | 166.1 | 130.8 |
August | 161.4 | 130.1 |
September | 162.6 | 129.3 |
October | 162.3 | 130.5 |
November | 157.2 | 129.3 |
December | 159.0 | 127.6 |
2020 | ||
January | 160.2 | 129.2 |
February | 173.0 | 129.5 |
March | 170.9 | 128.3 |
April | 166.0 | 127.7 |
May | 167.3 | 127.4 |
June | 164.2 | 121.6 |
July | 163.1 | 122.3 |
August | 163.8 | 126.9 |
September | 171.0 | 127.9 |
October | 168.0 | 124.4 |
November | 170.4 | 123.2 |
December | 169.0 | 123.8 |
2021 | ||
January | 176.1 | 123.3 |
February | 170.9 | 125.9 |
March | 178.9 | 125.9 |
April | 176.5 | 125.4 |
May | 181.4 | 127.3 |
June | 180.3 | 128.0 |
July | 179.3 | 128.3 |
August | 180.5 | 128.9 |
September | 181.8 | 129.2 |
October | 177.2 | 129.1 |
Source: Statistics Canada. Table 18-10-0004-13 Consumer Price Index by product group, monthly, not seasonally adjusted; Statistics Canada. Table 18-10-0266-01 Industrial product price index, by product, monthly, NAPCS 173121. |
Data table for Chart 14
CPI | IPPI | |
---|---|---|
Index Jan 2000=100 | ||
2000 | ||
January | 100.0 | 100.0 |
February | 97.1 | 99.5 |
March | 97.7 | 99.7 |
April | 99.0 | 97.6 |
May | 98.3 | 97.1 |
June | 98.2 | 97.5 |
July | 99.2 | 97.6 |
August | 99.5 | 98.2 |
September | 98.2 | 98.8 |
October | 101.6 | 100.5 |
November | 101.0 | 100.4 |
December | 101.0 | 100.7 |
2001 | ||
January | 103.4 | 102.7 |
February | 102.4 | 103.2 |
March | 102.2 | 103.8 |
April | 102.4 | 104.8 |
May | 103.4 | 105.6 |
June | 103.5 | 105.9 |
July | 105.5 | 106.7 |
August | 105.2 | 107.1 |
September | 106.0 | 106.7 |
October | 106.8 | 105.1 |
November | 104.8 | 104.0 |
December | 105.0 | 103.7 |
2002 | ||
January | 105.3 | 104.0 |
February | 104.1 | 104.7 |
March | 104.4 | 105.0 |
April | 104.2 | 102.6 |
May | 105.1 | 100.6 |
June | 103.5 | 100.7 |
July | 104.2 | 100.9 |
August | 104.4 | 101.9 |
September | 103.7 | 101.1 |
October | 106.9 | 100.4 |
November | 105.4 | 103.7 |
December | 105.3 | 105.1 |
2003 | ||
January | 107.2 | 104.0 |
February | 107.1 | 104.1 |
March | 107.9 | 104.5 |
April | 109.7 | 104.4 |
May | 110.2 | 105.2 |
June | 109.8 | 105.2 |
July | 113.1 | 105.9 |
August | 114.0 | 108.4 |
September | 110.8 | 109.7 |
October | 113.5 | 109.7 |
November | 114.0 | 109.7 |
December | 113.2 | 111.7 |
2004 | ||
January | 113.1 | 111.7 |
February | 113.7 | 111.7 |
March | 115.5 | 111.7 |
April | 116.9 | 111.8 |
May | 116.5 | 111.8 |
June | 122.9 | 112.1 |
July | 123.9 | 112.1 |
August | 125.3 | 110.9 |
September | 123.6 | 110.7 |
October | 123.7 | 109.6 |
November | 118.0 | 107.7 |
December | 119.6 | 107.0 |
2005 | ||
January | 119.0 | 106.6 |
February | 119.0 | 105.9 |
March | 120.5 | 104.9 |
April | 120.2 | 104.1 |
May | 117.9 | 104.0 |
June | 119.6 | 104.3 |
July | 119.2 | 104.3 |
August | 120.0 | 103.8 |
September | 120.1 | 105.2 |
October | 122.5 | 103.6 |
November | 118.1 | 103.0 |
December | 118.4 | 100.8 |
2006 | ||
January | 119.4 | 100.6 |
February | 115.8 | 100.7 |
March | 119.4 | 100.6 |
April | 119.5 | 100.4 |
May | 118.4 | 101.2 |
June | 118.0 | 103.1 |
July | 117.3 | 103.8 |
August | 121.6 | 105.2 |
September | 121.9 | 108.1 |
October | 122.7 | 106.6 |
November | 123.8 | 109.7 |
December | 122.7 | 111.3 |
2007 | ||
January | 124.4 | 112.7 |
February | 126.0 | 113.2 |
March | 128.6 | 115.2 |
April | 130.9 | 115.5 |
May | 128.5 | 117.7 |
June | 128.9 | 117.1 |
July | 129.6 | 117.7 |
August | 129.7 | 117.3 |
September | 130.3 | 115.1 |
October | 129.2 | 110.6 |
November | 129.7 | 109.8 |
December | 128.8 | 107.5 |
2008 | ||
January | 133.1 | 105.3 |
February | 130.2 | 104.2 |
March | 131.7 | 104.4 |
April | 129.3 | 104.4 |
May | 131.3 | 104.2 |
June | 132.8 | 104.2 |
July | 134.2 | 104.5 |
August | 136.9 | 104.7 |
September | 136.0 | 104.8 |
October | 137.4 | 105.0 |
November | 139.9 | 105.0 |
December | 135.4 | 105.0 |
2009 | ||
January | 141.8 | 104.9 |
February | 137.6 | 105.0 |
March | 142.5 | 105.2 |
April | 140.9 | 105.1 |
May | 137.3 | 105.0 |
June | 139.3 | 105.4 |
July | 140.7 | 105.4 |
August | 141.0 | 105.3 |
September | 140.7 | 105.3 |
October | 140.8 | 105.2 |
November | 141.8 | 105.5 |
December | 138.8 | 105.5 |
2010 | ||
January | 140.0 | 105.7 |
February | 138.4 | 105.2 |
March | 139.4 | 105.1 |
April | 141.0 | 105.4 |
May | 137.5 | 105.5 |
June | 139.2 | 105.6 |
July | 140.9 | 105.8 |
August | 140.6 | 105.7 |
September | 140.0 | 105.6 |
October | 141.4 | 105.5 |
November | 140.5 | 105.5 |
December | 143.2 | 105.6 |
2011 | ||
January | 145.0 | 105.7 |
February | 141.6 | 105.8 |
March | 140.6 | 106.3 |
April | 143.6 | 106.3 |
May | 143.5 | 106.1 |
June | 143.2 | 106.2 |
July | 145.7 | 106.2 |
August | 145.7 | 106.2 |
September | 147.9 | 106.5 |
October | 144.9 | 106.7 |
November | 146.3 | 107.5 |
December | 146.9 | 107.4 |
2012 | ||
January | 150.6 | 107.7 |
February | 149.6 | 107.2 |
March | 148.5 | 107.1 |
April | 149.8 | 106.9 |
May | 153.5 | 107.9 |
June | 148.0 | 108.2 |
July | 151.9 | 108.1 |
August | 152.0 | 108.4 |
September | 151.3 | 107.8 |
October | 153.0 | 108.2 |
November | 150.3 | 108.5 |
December | 152.1 | 108.4 |
2013 | ||
January | 154.6 | 108.3 |
February | 151.4 | 108.3 |
March | 152.8 | 108.3 |
April | 153.9 | 108.2 |
May | 152.3 | 107.9 |
June | 150.8 | 108.1 |
July | 153.9 | 108.2 |
August | 156.0 | 109.8 |
September | 153.3 | 107.1 |
October | 156.6 | 104.5 |
November | 153.5 | 105.4 |
December | 153.3 | 103.0 |
2014 | ||
January | 152.6 | 105.1 |
February | 149.6 | 105.4 |
March | 150.2 | 105.0 |
April | 152.0 | 107.3 |
May | 153.3 | 109.0 |
June | 153.8 | 110.2 |
July | 155.0 | 112.2 |
August | 158.5 | 110.9 |
September | 159.1 | 111.5 |
October | 160.8 | 110.2 |
November | 156.0 | 108.4 |
December | 158.4 | 108.0 |
2015 | ||
January | 160.0 | 106.3 |
February | 158.7 | 107.4 |
March | 157.7 | 105.6 |
April | 160.9 | 105.2 |
May | 159.9 | 106.7 |
June | 158.6 | 109.9 |
July | 163.2 | 109.3 |
August | 164.1 | 109.6 |
September | 164.6 | 109.5 |
October | 166.9 | 113.2 |
November | 165.8 | 109.6 |
December | 164.2 | 110.6 |
2016 | ||
January | 162.9 | 109.7 |
February | 160.8 | 108.5 |
March | 163.2 | 108.2 |
April | 160.2 | 106.3 |
May | 162.1 | 105.8 |
June | 159.9 | 105.8 |
July | 163.2 | 105.5 |
August | 163.8 | 106.9 |
September | 165.1 | 108.2 |
October | 166.5 | 109.2 |
November | 162.1 | 107.7 |
December | 163.1 | 105.6 |
2017 | ||
January | 164.7 | 106.1 |
February | 160.1 | 106.0 |
March | 161.0 | 106.6 |
April | 161.8 | 107.5 |
May | 160.8 | 108.6 |
June | 165.5 | 109.5 |
July | 167.6 | 111.1 |
August | 168.8 | 112.0 |
September | 171.7 | 111.2 |
October | 169.2 | 108.8 |
November | 170.3 | 106.2 |
December | 168.0 | 106.7 |
2018 | ||
January | 170.7 | 106.5 |
February | 166.6 | 105.4 |
March | 164.4 | 105.9 |
April | 168.8 | 105.8 |
May | 162.2 | 106.0 |
June | 163.2 | 105.4 |
July | 166.4 | 107.8 |
August | 166.4 | 107.1 |
September | 168.8 | 108.3 |
October | 171.9 | 107.3 |
November | 166.8 | 107.2 |
December | 169.5 | 105.8 |
2019 | ||
January | 169.3 | 106.0 |
February | 165.1 | 107.2 |
March | 163.6 | 107.0 |
April | 166.5 | 108.6 |
May | 166.2 | 109.9 |
June | 169.5 | 111.4 |
July | 179.9 | 112.2 |
August | 179.7 | 112.4 |
September | 181.2 | 111.5 |
October | 181.7 | 109.3 |
November | 174.3 | 107.4 |
December | 169.7 | 106.6 |
2020 | ||
January | 182.1 | 113.4 |
February | 178.2 | 116.3 |
March | 179.3 | 118.4 |
April | 176.1 | 108.5 |
May | 175.0 | 99.9 |
June | 167.2 | 113.0 |
July | 178.2 | 121.3 |
August | 178.3 | 121.2 |
September | 177.2 | 117.8 |
October | 186.1 | 110.4 |
November | 180.0 | 108.1 |
December | 176.3 | 107.8 |
2021 | ||
January | 182.4 | 110.5 |
February | 175.7 | 115.4 |
March | 178.8 | 123.9 |
April | 187.7 | 126.3 |
May | 183.7 | 126.8 |
June | 185.0 | 133.5 |
July | 191.3 | 134.3 |
August | 193.3 | 129.7 |
September | 195.4 | 126.6 |
October | 201.6 | 125.6 |
Source: Statistics Canada. Table 18-10-0004-13 Consumer Price Index by product group, monthly, not seasonally adjusted; Statistics Canada. Table 18-10-0266-01 Industrial product price index, by product, monthly, NAPCS 17213. |
Data table for Chart 15
CPI | IPPI | |
---|---|---|
Index Jan 2000=100 | ||
2000 | ||
January | 100.0 | 100.0 |
February | 99.0 | 95.7 |
March | 102.2 | 102.4 |
April | 103.3 | 112.8 |
May | 107.5 | 118.5 |
June | 109.2 | 120.5 |
July | 112.3 | 118.8 |
August | 110.6 | 116.2 |
September | 111.0 | 98.0 |
October | 110.0 | 95.7 |
November | 108.7 | 92.1 |
December | 111.4 | 91.6 |
2001 | ||
January | 111.1 | 94.7 |
February | 108.5 | 103.1 |
March | 112.1 | 106.3 |
April | 121.6 | 118.6 |
May | 118.5 | 111.7 |
June | 117.7 | 115.9 |
July | 119.9 | 125.3 |
August | 120.5 | 124.2 |
September | 119.0 | 116.3 |
October | 120.0 | 112.6 |
November | 117.6 | 101.8 |
December | 116.2 | 101.2 |
2002 | ||
January | 117.7 | 100.3 |
February | 118.0 | 101.8 |
March | 112.4 | 101.7 |
April | 114.6 | 97.7 |
May | 114.4 | 95.3 |
June | 114.6 | 91.5 |
July | 112.8 | 102.5 |
August | 113.2 | 99.9 |
September | 112.1 | 92.2 |
October | 112.3 | 104.0 |
November | 110.2 | 95.0 |
December | 109.4 | 95.9 |
2003 | ||
January | 112.3 | 101.3 |
February | 112.4 | 99.9 |
March | 115.1 | 100.3 |
April | 113.1 | 101.3 |
May | 115.1 | 105.1 |
June | 115.7 | 104.1 |
July | 114.0 | 106.8 |
August | 111.9 | 104.2 |
September | 111.5 | 102.5 |
October | 115.4 | 101.3 |
November | 113.2 | 94.4 |
December | 113.2 | 95.4 |
2004 | ||
January | 112.7 | 92.2 |
February | 113.7 | 105.9 |
March | 114.2 | 111.0 |
April | 114.3 | 114.7 |
May | 118.0 | 126.9 |
June | 124.9 | 116.9 |
July | 126.3 | 118.3 |
August | 125.8 | 113.8 |
September | 123.8 | 100.4 |
October | 125.0 | 100.6 |
November | 120.9 | 97.3 |
December | 120.8 | 99.1 |
2005 | ||
January | 120.8 | 96.6 |
February | 122.8 | 96.7 |
March | 122.2 | 94.0 |
April | 121.6 | 90.9 |
May | 120.5 | 98.0 |
June | 123.2 | 88.0 |
July | 120.9 | 84.6 |
August | 122.1 | 98.9 |
September | 120.1 | 92.5 |
October | 120.5 | 88.4 |
November | 117.0 | 85.6 |
December | 117.4 | 83.2 |
2006 | ||
January | 114.4 | 82.2 |
February | 116.7 | 78.1 |
March | 114.3 | 82.0 |
April | 115.8 | 79.3 |
May | 113.3 | 80.8 |
June | 113.1 | 86.8 |
July | 112.8 | 96.5 |
August | 116.3 | 88.2 |
September | 117.0 | 91.5 |
October | 115.3 | 82.2 |
November | 113.1 | 81.4 |
December | 112.3 | 83.5 |
2007 | ||
January | 115.8 | 86.3 |
February | 115.2 | 96.7 |
March | 111.4 | 94.1 |
April | 116.3 | 89.5 |
May | 115.6 | 94.2 |
June | 116.1 | 91.9 |
July | 116.3 | 90.2 |
August | 118.2 | 86.9 |
September | 117.4 | 82.9 |
October | 115.6 | 78.0 |
November | 113.5 | 75.4 |
December | 110.8 | 78.6 |
2008 | ||
January | 114.5 | 76.4 |
February | 113.4 | 76.8 |
March | 114.4 | 76.0 |
April | 114.3 | 74.9 |
May | 115.9 | 86.5 |
June | 116.9 | 87.3 |
July | 116.9 | 88.2 |
August | 117.6 | 92.8 |
September | 119.9 | 91.5 |
October | 118.0 | 91.2 |
November | 120.1 | 90.4 |
December | 119.5 | 90.1 |
2009 | ||
January | 120.1 | 88.4 |
February | 119.9 | 88.9 |
March | 122.0 | 91.2 |
April | 122.6 | 91.6 |
May | 123.8 | 91.5 |
June | 121.7 | 89.3 |
July | 120.9 | 89.1 |
August | 120.9 | 89.1 |
September | 122.1 | 88.5 |
October | 120.8 | 88.5 |
November | 119.8 | 88.7 |
December | 117.7 | 89.1 |
2010 | ||
January | 116.7 | 90.1 |
February | 118.4 | 90.4 |
March | 116.1 | 90.4 |
April | 117.8 | 90.5 |
May | 120.8 | 90.8 |
June | 121.9 | 91.2 |
July | 121.2 | 90.8 |
August | 121.7 | 90.8 |
September | 123.8 | 92.6 |
October | 125.5 | 92.5 |
November | 123.0 | 91.3 |
December | 123.0 | 92.9 |
2011 | ||
January | 124.3 | 92.4 |
February | 124.6 | 99.4 |
March | 126.9 | 100.5 |
April | 127.6 | 102.8 |
May | 129.1 | 100.9 |
June | 127.9 | 98.3 |
July | 128.7 | 100.8 |
August | 131.8 | 102.2 |
September | 134.3 | 98.6 |
October | 130.9 | 100.9 |
November | 131.8 | 97.7 |
December | 130.0 | 95.5 |
2012 | ||
January | 129.2 | 95.6 |
February | 134.2 | 99.4 |
March | 133.3 | 98.1 |
April | 135.5 | 95.4 |
May | 134.7 | 92.6 |
June | 131.1 | 95.1 |
July | 135.9 | 100.4 |
August | 137.9 | 97.0 |
September | 135.0 | 92.9 |
October | 137.8 | 96.1 |
November | 134.8 | 97.5 |
December | 133.9 | 96.9 |
2013 | ||
January | 134.3 | 99.1 |
February | 135.2 | 97.3 |
March | 136.0 | 96.1 |
April | 133.0 | 99.8 |
May | 135.0 | 103.9 |
June | 137.5 | 112.8 |
July | 138.5 | 120.6 |
August | 138.7 | 119.4 |
September | 141.4 | 116.1 |
October | 142.2 | 114.6 |
November | 140.5 | 110.9 |
December | 139.4 | 109.5 |
2014 | ||
January | 140.4 | 109.8 |
February | 143.7 | 119.5 |
March | 144.3 | 139.2 |
April | 152.2 | 149.9 |
May | 157.5 | 140.7 |
June | 160.3 | 144.3 |
July | 159.9 | 152.0 |
August | 157.5 | 141.9 |
September | 161.0 | 138.2 |
October | 162.8 | 134.8 |
November | 160.8 | 132.0 |
December | 161.1 | 128.1 |
2015 | ||
January | 162.2 | 133.5 |
February | 161.5 | 130.7 |
March | 161.3 | 127.2 |
April | 163.1 | 130.6 |
May | 162.2 | 140.3 |
June | 162.1 | 143.6 |
July | 163.1 | 142.2 |
August | 165.8 | 145.1 |
September | 165.5 | 147.2 |
October | 166.5 | 146.6 |
November | 162.9 | 142.6 |
December | 163.1 | 133.5 |
2016 | ||
January | 163.6 | 139.9 |
February | 160.4 | 149.7 |
March | 164.6 | 145.6 |
April | 159.9 | 146.9 |
May | 160.3 | 149.0 |
June | 158.3 | 158.2 |
July | 164.2 | 153.5 |
August | 161.9 | 144.7 |
September | 161.0 | 139.9 |
October | 157.5 | 140.5 |
November | 158.1 | 139.1 |
December | 158.5 | 129.8 |
2017 | ||
January | 156.5 | 138.7 |
February | 154.7 | 149.4 |
March | 153.5 | 150.2 |
April | 157.9 | 145.7 |
May | 159.5 | 149.4 |
June | 161.3 | 164.9 |
July | 163.1 | 165.7 |
August | 165.0 | 157.0 |
September | 159.5 | 143.0 |
October | 160.3 | 139.9 |
November | 158.2 | 148.2 |
December | 160.5 | 143.8 |
2018 | ||
January | 156.4 | 144.9 |
February | 157.7 | 142.6 |
March | 157.2 | 136.4 |
April | 161.2 | 139.5 |
May | 159.1 | 142.8 |
June | 161.9 | 148.2 |
July | 165.0 | 151.3 |
August | 162.3 | 140.7 |
September | 163.5 | 140.4 |
October | 162.7 | 149.6 |
November | 159.9 | 147.2 |
December | 158.9 | 143.0 |
2019 | ||
January | 161.5 | 144.8 |
February | 157.0 | 142.1 |
March | 153.6 | 150.2 |
April | 159.7 | 168.6 |
May | 161.4 | 171.8 |
June | 163.1 | 171.0 |
July | 166.3 | 158.8 |
August | 161.7 | 174.6 |
September | 166.3 | 153.7 |
October | 161.5 | 149.5 |
November | 161.1 | 149.6 |
December | 165.4 | 170.2 |
2020 | ||
January | 166.9 | 166.3 |
February | 168.3 | 145.2 |
March | 165.3 | 146.9 |
April | 174.1 | 159.1 |
May | 171.3 | 210.9 |
June | 176.8 | 168.7 |
July | 172.1 | 151.6 |
August | 166.1 | 149.6 |
September | 165.6 | 164.1 |
October | 167.0 | 169.3 |
November | 169.2 | 143.7 |
December | 169.2 | 136.4 |
2021 | ||
January | 170.4 | 138.9 |
February | 164.9 | 145.7 |
March | 164.2 | 148.7 |
April | 168.8 | 159.5 |
May | 167.9 | 175.1 |
June | 172.6 | 186.6 |
July | 178.1 | 154.0 |
August | 181.5 | 153.4 |
September | 181.4 | 156.2 |
October | 181.7 | 146.2 |
Source: Statistics Canada. Table 18-10-0004-13 Consumer Price Index by product group, monthly, not seasonally adjusted; Statistics Canada. Table 18-10-0266-01 Industrial product price index, by product, monthly, NAPCS 17212. |
Data table for Chart 16
CPI | IPPI | |
---|---|---|
Index Jan 2000=100 | ||
2000 | ||
January | 100.0 | 100.0 |
February | 102.3 | 99.8 |
March | 102.8 | 100.6 |
April | 105.7 | 102.1 |
May | 106.0 | 102.0 |
June | 106.8 | 102.2 |
July | 108.1 | 101.8 |
August | 108.7 | 101.6 |
September | 108.9 | 100.4 |
October | 107.7 | 101.0 |
November | 107.4 | 102.1 |
December | 110.1 | 101.7 |
2001 | ||
January | 112.7 | 104.5 |
February | 117.1 | 102.8 |
March | 122.1 | 107.4 |
April | 124.7 | 107.0 |
May | 126.2 | 106.2 |
June | 126.0 | 105.3 |
July | 123.4 | 104.7 |
August | 122.3 | 105.0 |
September | 123.7 | 103.8 |
October | 122.9 | 104.3 |
November | 122.1 | 105.0 |
December | 124.3 | 105.3 |
2002 | ||
January | 124.0 | 106.2 |
February | 125.5 | 107.5 |
March | 125.9 | 107.4 |
April | 128.9 | 107.0 |
May | 127.4 | 105.1 |
June | 127.9 | 105.3 |
July | 127.4 | 104.1 |
August | 127.4 | 101.3 |
September | 126.6 | 99.8 |
October | 126.5 | 100.5 |
November | 126.0 | 101.6 |
December | 127.6 | 108.2 |
2003 | ||
January | 129.7 | 108.8 |
February | 134.5 | 112.3 |
March | 134.6 | 114.4 |
April | 136.8 | 112.3 |
May | 133.8 | 112.3 |
June | 132.3 | 110.7 |
July | 125.7 | 91.6 |
August | 115.3 | 83.3 |
September | 114.4 | 90.7 |
October | 119.8 | 94.7 |
November | 127.8 | 104.9 |
December | 127.0 | 104.9 |
2004 | ||
January | 125.1 | 100.3 |
February | 126.6 | 102.5 |
March | 127.4 | 104.0 |
April | 127.4 | 107.8 |
May | 130.4 | 108.7 |
June | 136.2 | 110.0 |
July | 136.0 | 110.6 |
August | 136.9 | 107.5 |
September | 136.1 | 95.0 |
October | 133.6 | 95.3 |
November | 134.5 | 90.2 |
December | 134.7 | 92.2 |
2005 | ||
January | 135.5 | 96.2 |
February | 134.2 | 99.4 |
March | 135.9 | 98.7 |
April | 135.5 | 97.0 |
May | 135.0 | 97.5 |
June | 136.0 | 91.5 |
July | 134.1 | 90.7 |
August | 133.3 | 88.9 |
September | 133.0 | 89.0 |
October | 132.7 | 90.5 |
November | 134.7 | 90.6 |
December | 134.3 | 95.7 |
2006 | ||
January | 133.3 | 93.9 |
February | 133.8 | 95.4 |
March | 132.4 | 93.9 |
April | 132.4 | 94.1 |
May | 133.5 | 96.6 |
June | 135.0 | 93.9 |
July | 134.3 | 97.2 |
August | 133.6 | 95.5 |
September | 136.8 | 98.0 |
October | 136.4 | 96.7 |
November | 137.3 | 94.8 |
December | 136.6 | 95.0 |
2007 | ||
January | 135.1 | 96.2 |
February | 137.5 | 99.2 |
March | 137.6 | 101.0 |
April | 139.7 | 103.6 |
May | 140.6 | 102.7 |
June | 141.2 | 98.1 |
July | 139.5 | 97.8 |
August | 137.5 | 93.2 |
September | 137.6 | 92.1 |
October | 138.4 | 87.5 |
November | 136.2 | 88.7 |
December | 137.6 | 92.2 |
2008 | ||
January | 135.9 | 93.0 |
February | 137.1 | 92.0 |
March | 137.0 | 93.6 |
April | 138.8 | 95.6 |
May | 139.5 | 96.1 |
June | 139.4 | 97.7 |
July | 139.2 | 101.7 |
August | 142.2 | 105.5 |
September | 144.1 | 96.9 |
October | 144.0 | 95.3 |
November | 146.9 | 97.0 |
December | 148.2 | 97.9 |
2009 | ||
January | 146.5 | 97.2 |
February | 149.6 | 97.9 |
March | 148.4 | 101.4 |
April | 151.3 | 105.2 |
May | 152.2 | 98.8 |
June | 153.0 | 96.2 |
July | 151.5 | 93.8 |
August | 149.6 | 94.3 |
September | 148.4 | 92.0 |
October | 146.1 | 90.8 |
November | 146.6 | 93.1 |
December | 147.1 | 90.8 |
2010 | ||
January | 145.2 | 89.1 |
February | 146.9 | 89.3 |
March | 147.1 | 91.4 |
April | 147.3 | 94.8 |
May | 150.2 | 94.8 |
June | 148.7 | 91.0 |
July | 149.9 | 89.5 |
August | 149.3 | 90.6 |
September | 151.2 | 90.6 |
October | 150.4 | 89.6 |
November | 148.9 | 92.2 |
December | 152.9 | 92.7 |
2011 | ||
January | 150.8 | 91.5 |
February | 151.6 | 92.5 |
March | 156.7 | 97.3 |
April | 158.2 | 98.2 |
May | 160.2 | 94.1 |
June | 162.4 | 93.5 |
July | 161.3 | 92.9 |
August | 161.5 | 92.9 |
September | 162.5 | 93.0 |
October | 162.2 | 92.4 |
November | 162.7 | 94.3 |
December | 165.3 | 98.4 |
2012 | ||
January | 168.8 | 98.5 |
February | 168.3 | 104.4 |
March | 169.3 | 107.6 |
April | 168.2 | 107.6 |
May | 171.7 | 108.7 |
June | 173.8 | 112.4 |
July | 173.1 | 106.3 |
August | 173.9 | 106.7 |
September | 172.6 | 108.1 |
October | 171.6 | 109.0 |
November | 174.0 | 107.4 |
December | 173.9 | 103.4 |
2013 | ||
January | 172.4 | 107.0 |
February | 177.6 | 107.0 |
March | 175.3 | 106.7 |
April | 176.2 | 105.6 |
May | 176.3 | 110.8 |
June | 176.8 | 110.7 |
July | 176.7 | 108.5 |
August | 176.8 | 107.1 |
September | 177.1 | 108.2 |
October | 176.9 | 107.4 |
November | 178.3 | 109.6 |
December | 178.3 | 112.5 |
2014 | ||
January | 179.5 | 114.2 |
February | 188.1 | 114.6 |
March | 192.0 | 119.2 |
April | 193.8 | 120.5 |
May | 197.3 | 121.2 |
June | 199.5 | 124.3 |
July | 199.5 | 133.3 |
August | 200.9 | 136.9 |
September | 209.6 | 138.1 |
October | 211.3 | 142.1 |
November | 215.5 | 144.7 |
December | 218.5 | 150.8 |
2015 | ||
January | 218.6 | 151.3 |
February | 223.2 | 152.7 |
March | 226.2 | 155.6 |
April | 229.9 | 157.3 |
May | 232.3 | 158.1 |
June | 236.1 | 158.4 |
July | 233.7 | 157.6 |
August | 231.8 | 159.5 |
September | 234.9 | 153.6 |
October | 238.4 | 147.3 |
November | 233.0 | 147.0 |
December | 231.2 | 144.4 |
2016 | ||
January | 230.2 | 150.8 |
February | 230.4 | 150.3 |
March | 240.4 | 142.5 |
April | 235.6 | 140.6 |
May | 234.7 | 134.9 |
June | 228.3 | 135.1 |
July | 226.7 | 133.5 |
August | 224.3 | 129.7 |
September | 224.6 | 131.0 |
October | 225.6 | 129.1 |
November | 219.6 | 127.7 |
December | 218.9 | 126.8 |
2017 | ||
January | 218.3 | 133.6 |
February | 220.8 | 132.2 |
March | 223.6 | 138.3 |
April | 224.2 | 142.3 |
May | 226.9 | 149.8 |
June | 226.7 | 149.0 |
July | 227.9 | 141.3 |
August | 226.6 | 140.6 |
September | 225.2 | 134.0 |
October | 220.2 | 135.8 |
November | 223.8 | 139.3 |
December | 225.0 | 138.5 |
2018 | ||
January | 222.7 | 142.9 |
February | 222.9 | 141.3 |
March | 221.5 | 143.8 |
April | 228.8 | 140.2 |
May | 225.5 | 142.7 |
June | 227.5 | 140.9 |
July | 225.2 | 141.7 |
August | 229.5 | 138.6 |
September | 227.6 | 134.4 |
October | 224.1 | 132.7 |
November | 227.2 | 134.1 |
December | 224.7 | 138.5 |
2019 | ||
January | 228.3 | 139.9 |
February | 226.0 | 138.1 |
March | 228.8 | 140.6 |
April | 227.0 | 144.4 |
May | 231.2 | 145.8 |
June | 234.1 | 140.3 |
July | 231.7 | 135.7 |
August | 234.2 | 139.2 |
September | 238.4 | 136.1 |
October | 238.9 | 137.7 |
November | 241.4 | 148.6 |
December | 242.8 | 147.8 |
2020 | ||
January | 240.8 | 144.9 |
February | 237.3 | 148.5 |
March | 244.4 | 158.8 |
April | 246.3 | 210.3 |
May | 262.9 | 228.0 |
June | 284.7 | 204.2 |
July | 265.7 | 149.7 |
August | 245.4 | 152.1 |
September | 237.3 | 154.2 |
October | 241.4 | 150.3 |
November | 240.3 | 159.0 |
December | 239.3 | 141.0 |
2021 | ||
January | 243.0 | 148.8 |
February | 237.9 | 166.3 |
March | 239.2 | 164.0 |
April | 247.0 | 191.8 |
May | 251.6 | 209.9 |
June | 253.1 | 213.3 |
July | 259.3 | 191.5 |
August | 258.3 | 227.2 |
September | 268.1 | 217.9 |
October | 275.2 | 186.7 |
Source: Statistics Canada. Table 18-10-0004-13 Consumer Price Index by product group, monthly, not seasonally adjusted; Statistics Canada. Table 18-10-0266-01 Industrial product price index, by product, monthly, NAPCS 17211. Canada. Table 18-10-0266-01 Industrial product price index, by product, monthly, NAPCS 17212. |
Data table for Chart 17
CPI | IPPI | |
---|---|---|
Index Jan 2000=100 | ||
2000 | ||
January | 100.0 | 100.0 |
February | 101.4 | 101.4 |
March | 101.3 | 101.4 |
April | 99.9 | 102.9 |
May | 100.6 | 102.9 |
June | 100.2 | 99.8 |
July | 99.7 | 99.8 |
August | 99.8 | 99.8 |
September | 98.5 | 99.8 |
October | 98.4 | 98.7 |
November | 97.3 | 98.7 |
December | 98.1 | 98.7 |
2001 | ||
January | 97.2 | 97.0 |
February | 97.6 | 95.2 |
March | 98.3 | 95.2 |
April | 97.3 | 95.2 |
May | 97.9 | 95.2 |
June | 97.7 | 95.2 |
July | 94.8 | 95.2 |
August | 96.4 | 95.2 |
September | 96.1 | 95.2 |
October | 94.6 | 95.2 |
November | 95.0 | 95.2 |
December | 95.4 | 95.2 |
2002 | ||
January | 95.1 | 95.1 |
February | 93.4 | 95.1 |
March | 93.0 | 93.4 |
April | 91.7 | 93.4 |
May | 93.4 | 93.4 |
June | 91.9 | 93.4 |
July | 90.7 | 93.4 |
August | 91.7 | 93.4 |
September | 90.0 | 93.4 |
October | 90.0 | 93.4 |
November | 88.7 | 93.4 |
December | 91.3 | 93.4 |
2003 | ||
January | 88.6 | 93.4 |
February | 91.5 | 93.4 |
March | 91.4 | 97.0 |
April | 92.6 | 97.0 |
May | 92.9 | 97.0 |
June | 92.0 | 97.0 |
July | 93.4 | 97.0 |
August | 93.1 | 97.0 |
September | 93.3 | 97.0 |
October | 93.9 | 97.0 |
November | 94.2 | 97.0 |
December | 94.3 | 97.0 |
2004 | ||
January | 93.4 | 97.0 |
February | 93.0 | 97.0 |
March | 93.1 | 97.0 |
April | 92.2 | 97.0 |
May | 94.7 | 97.0 |
June | 94.2 | 97.0 |
July | 94.8 | 97.0 |
August | 94.5 | 97.0 |
September | 93.7 | 97.0 |
October | 94.3 | 97.0 |
November | 94.6 | 97.0 |
December | 94.2 | 97.0 |
2005 | ||
January | 94.2 | 97.0 |
February | 94.3 | 98.8 |
March | 95.3 | 100.9 |
April | 95.6 | 100.9 |
May | 93.4 | 100.9 |
June | 98.3 | 102.9 |
July | 99.4 | 102.9 |
August | 99.7 | 102.9 |
September | 100.6 | 102.9 |
October | 100.4 | 102.9 |
November | 100.2 | 102.9 |
December | 101.9 | 102.9 |
2006 | ||
January | 100.7 | 102.9 |
February | 100.9 | 102.9 |
March | 100.6 | 102.9 |
April | 102.5 | 102.9 |
May | 101.7 | 102.9 |
June | 103.0 | 102.9 |
July | 101.4 | 102.9 |
August | 103.4 | 102.9 |
September | 102.9 | 102.9 |
October | 102.6 | 104.5 |
November | 101.4 | 104.5 |
December | 101.0 | 104.5 |
2007 | ||
January | 100.3 | 104.5 |
February | 103.0 | 104.5 |
March | 101.4 | 104.5 |
April | 102.4 | 104.5 |
May | 101.7 | 104.5 |
June | 103.5 | 104.5 |
July | 103.1 | 104.5 |
August | 102.6 | 104.5 |
September | 101.9 | 104.5 |
October | 101.1 | 104.5 |
November | 100.0 | 104.5 |
December | 101.4 | 104.5 |
2008 | ||
January | 102.0 | 104.5 |
February | 100.7 | 104.5 |
March | 99.9 | 104.5 |
April | 101.0 | 104.5 |
May | 100.2 | 104.5 |
June | 103.1 | 104.5 |
July | 103.5 | 104.5 |
August | 105.2 | 104.5 |
September | 107.3 | 104.5 |
October | 106.5 | 104.5 |
November | 105.9 | 104.5 |
December | 106.1 | 104.5 |
2009 | ||
January | 104.4 | 104.5 |
February | 106.1 | 104.5 |
March | 105.1 | 104.5 |
April | 107.4 | 104.5 |
May | 108.0 | 104.5 |
June | 109.8 | 104.5 |
July | 110.5 | 104.5 |
August | 109.7 | 104.5 |
September | 107.9 | 104.5 |
October | 109.0 | 104.5 |
November | 109.4 | 104.5 |
December | 111.1 | 104.5 |
2010 | ||
January | 110.8 | 104.5 |
February | 111.4 | 104.5 |
March | 111.7 | 104.5 |
April | 108.9 | 104.5 |
May | 110.2 | 106.0 |
June | 111.4 | 106.0 |
July | 110.6 | 106.0 |
August | 112.8 | 106.2 |
September | 112.9 | 106.2 |
October | 114.4 | 111.3 |
November | 118.0 | 111.3 |
December | 117.6 | 111.3 |
2011 | ||
January | 116.7 | 111.3 |
February | 118.8 | 113.1 |
March | 122.8 | 116.6 |
April | 123.6 | 121.9 |
May | 125.4 | 121.9 |
June | 127.4 | 121.9 |
July | 129.4 | 129.1 |
August | 131.4 | 129.1 |
September | 132.5 | 127.1 |
October | 131.2 | 127.1 |
November | 132.2 | 127.1 |
December | 129.7 | 127.1 |
2012 | ||
January | 132.3 | 127.1 |
February | 132.8 | 127.1 |
March | 132.1 | 127.1 |
April | 133.4 | 127.1 |
May | 131.1 | 119.7 |
June | 133.5 | 119.7 |
July | 134.3 | 119.7 |
August | 132.0 | 119.7 |
September | 133.9 | 120.4 |
October | 131.4 | 116.6 |
November | 132.8 | 116.6 |
December | 131.7 | 116.6 |
2013 | ||
January | 132.4 | 116.6 |
February | 133.1 | 116.6 |
March | 134.4 | 108.6 |
April | 131.3 | 103.6 |
May | 132.7 | 103.6 |
June | 131.2 | 103.6 |
July | 130.7 | 103.6 |
August | 129.6 | 101.9 |
September | 131.1 | 101.9 |
October | 131.5 | 101.9 |
November | 129.5 | 101.9 |
December | 125.8 | 101.9 |
2014 | ||
January | 127.6 | 101.9 |
February | 126.5 | 99.0 |
March | 124.6 | 99.0 |
April | 124.0 | 99.0 |
May | 121.4 | 99.0 |
June | 122.6 | 99.0 |
July | 121.9 | 97.5 |
August | 125.7 | 97.5 |
September | 125.8 | 97.5 |
October | 125.4 | 97.5 |
November | 123.6 | 97.5 |
December | 125.8 | 97.5 |
2015 | ||
January | 124.9 | 101.7 |
February | 126.4 | 104.8 |
March | 126.0 | 104.8 |
April | 128.9 | 104.8 |
May | 128.3 | 104.8 |
June | 128.2 | 104.8 |
July | 127.4 | 104.8 |
August | 129.9 | 105.9 |
September | 128.8 | 105.9 |
October | 130.0 | 108.6 |
November | 128.2 | 108.6 |
December | 127.7 | 108.6 |
2016 | ||
January | 128.2 | 107.4 |
February | 128.1 | 107.4 |
March | 129.8 | 107.4 |
April | 127.1 | 107.4 |
May | 126.6 | 107.4 |
June | 126.4 | 107.4 |
July | 126.2 | 108.7 |
August | 126.6 | 109.4 |
September | 125.0 | 110.4 |
October | 125.0 | 110.4 |
November | 124.3 | 110.4 |
December | 121.2 | 110.4 |
2017 | ||
January | 123.0 | 110.1 |
February | 123.2 | 110.1 |
March | 126.1 | 110.1 |
April | 126.7 | 110.1 |
May | 125.0 | 110.1 |
June | 126.6 | 107.2 |
July | 126.9 | 108.6 |
August | 125.7 | 108.6 |
September | 125.0 | 108.6 |
October | 124.8 | 107.3 |
November | 124.3 | 107.3 |
December | 123.1 | 107.3 |
2018 | ||
January | 124.8 | 106.4 |
February | 124.9 | 106.4 |
March | 123.8 | 106.4 |
April | 124.8 | 106.4 |
May | 120.9 | 106.4 |
June | 123.3 | 106.4 |
July | 123.3 | 105.3 |
August | 122.2 | 105.3 |
September | 123.8 | 105.3 |
October | 121.5 | 105.3 |
November | 120.4 | 105.3 |
December | 121.0 | 105.3 |
2019 | ||
January | 122.0 | 105.5 |
February | 128.9 | 105.6 |
March | 128.0 | 105.6 |
April | 125.6 | 105.6 |
May | 124.4 | 105.6 |
June | 124.1 | 105.6 |
July | 124.4 | 105.1 |
August | 124.2 | 105.1 |
September | 121.9 | 105.1 |
October | 121.5 | 105.1 |
November | 121.4 | 105.1 |
December | 121.7 | 105.1 |
2020 | ||
January | 122.4 | 104.8 |
February | 124.7 | 104.8 |
March | 123.1 | 104.8 |
April | 123.4 | 104.8 |
May | 122.1 | 104.8 |
June | 122.8 | 104.8 |
July | 122.9 | 105.7 |
August | 121.8 | 105.7 |
September | 122.8 | 105.7 |
October | 122.9 | 105.7 |
November | 122.7 | 105.7 |
December | 123.3 | 105.7 |
2021 | ||
January | 123.3 | 106.0 |
February | 122.8 | 106.0 |
March | 120.3 | 106.0 |
April | 119.5 | 106.0 |
May | 125.0 | 106.0 |
June | 124.5 | 106.0 |
July | 122.3 | 106.0 |
August | 122.7 | 106.0 |
September | 123.3 | 106.0 |
October | 127.4 | 106.0 |
Source: Statistics Canada. Table 18-10-0004-13 Consumer Price Index by product group, monthly, not seasonally adjusted; Statistics Canada. Table 18-10-0266-01 Industrial product price index, by product, monthly, NAPCS 191111. |
Data table for Chart 18
CPI | IPPI | |
---|---|---|
Index Jan 2000=100 | ||
2000 | ||
January | 100.0 | 100.0 |
February | 100.9 | 101.8 |
March | 102.3 | 103.4 |
April | 102.2 | 103.4 |
May | 101.3 | 103.4 |
June | 101.7 | 104.1 |
July | 101.8 | 104.4 |
August | 101.8 | 104.4 |
September | 102.7 | 105.4 |
October | 102.1 | 104.7 |
November | 103.7 | 105.5 |
December | 103.1 | 105.6 |
2001 | ||
January | 103.7 | 106.4 |
February | 104.4 | 106.4 |
March | 104.7 | 106.3 |
April | 104.9 | 106.3 |
May | 105.4 | 106.7 |
June | 105.2 | 106.7 |
July | 107.0 | 106.7 |
August | 105.9 | 106.7 |
September | 105.3 | 106.7 |
October | 106.4 | 107.9 |
November | 108.0 | 107.9 |
December | 107.3 | 108.4 |
2002 | ||
January | 107.8 | 107.7 |
February | 108.4 | 109.3 |
March | 107.2 | 110.5 |
April | 108.2 | 111.5 |
May | 108.2 | 111.5 |
June | 108.7 | 111.5 |
July | 107.6 | 111.5 |
August | 108.5 | 111.5 |
September | 109.1 | 112.5 |
October | 108.6 | 114.8 |
November | 110.1 | 114.9 |
December | 109.2 | 114.9 |
2003 | ||
January | 110.5 | 114.9 |
February | 110.6 | 114.9 |
March | 110.8 | 115.5 |
April | 111.0 | 116.3 |
May | 112.0 | 118.1 |
June | 112.0 | 118.1 |
July | 112.1 | 118.1 |
August | 112.6 | 119.0 |
September | 112.5 | 120.4 |
October | 112.7 | 120.4 |
November | 113.3 | 120.6 |
December | 113.0 | 119.7 |
2004 | ||
January | 113.4 | 121.1 |
February | 115.5 | 121.6 |
March | 115.4 | 122.3 |
April | 115.6 | 122.3 |
May | 116.1 | 123.5 |
June | 116.1 | 123.5 |
July | 116.5 | 123.5 |
August | 116.7 | 124.0 |
September | 116.3 | 124.4 |
October | 117.4 | 123.0 |
November | 117.8 | 123.0 |
December | 116.2 | 123.0 |
2005 | ||
January | 117.2 | 123.0 |
February | 117.2 | 123.0 |
March | 117.6 | 123.8 |
April | 118.7 | 123.9 |
May | 118.2 | 123.9 |
June | 118.5 | 123.9 |
July | 118.1 | 123.9 |
August | 119.2 | 124.7 |
September | 120.0 | 124.7 |
October | 117.8 | 124.7 |
November | 119.5 | 124.7 |
December | 116.5 | 124.7 |
2006 | ||
January | 119.1 | 125.5 |
February | 119.1 | 125.5 |
March | 119.1 | 125.5 |
April | 120.0 | 125.6 |
May | 119.3 | 125.7 |
June | 119.0 | 126.2 |
July | 118.8 | 126.0 |
August | 119.2 | 126.0 |
September | 119.2 | 126.1 |
October | 118.2 | 126.2 |
November | 118.4 | 126.2 |
December | 116.3 | 126.2 |
2007 | ||
January | 120.7 | 127.9 |
February | 120.5 | 127.7 |
March | 121.0 | 128.6 |
April | 121.9 | 129.1 |
May | 121.4 | 129.2 |
June | 120.6 | 129.1 |
July | 121.6 | 129.8 |
August | 121.3 | 130.8 |
September | 123.4 | 130.8 |
October | 122.3 | 130.8 |
November | 123.0 | 130.8 |
December | 121.6 | 130.8 |
2008 | ||
January | 123.0 | 130.8 |
February | 124.4 | 130.8 |
March | 123.1 | 131.9 |
April | 122.5 | 132.1 |
May | 123.6 | 132.1 |
June | 123.4 | 132.1 |
July | 122.2 | 132.1 |
August | 120.6 | 132.1 |
September | 122.2 | 132.1 |
October | 121.7 | 132.8 |
November | 123.5 | 134.9 |
December | 123.5 | 134.8 |
2009 | ||
January | 125.5 | 135.1 |
February | 125.1 | 135.1 |
March | 125.4 | 136.4 |
April | 125.2 | 136.9 |
May | 126.4 | 136.9 |
June | 126.5 | 136.9 |
July | 125.2 | 136.9 |
August | 124.8 | 136.9 |
September | 124.9 | 137.7 |
October | 125.7 | 140.2 |
November | 125.2 | 140.2 |
December | 124.9 | 140.2 |
2010 | ||
January | 123.4 | 140.2 |
February | 123.6 | 140.8 |
March | 123.9 | 140.8 |
April | 124.5 | 140.9 |
May | 125.2 | 141.4 |
June | 125.3 | 141.4 |
July | 124.4 | 141.4 |
August | 124.1 | 141.4 |
September | 124.2 | 142.1 |
October | 124.6 | 143.0 |
November | 124.3 | 143.0 |
December | 124.2 | 143.0 |
2011 | ||
January | 125.1 | 143.0 |
February | 124.7 | 143.0 |
March | 121.9 | 143.4 |
April | 121.9 | 143.2 |
May | 122.6 | 143.3 |
June | 122.6 | 143.3 |
July | 124.0 | 143.8 |
August | 123.3 | 145.6 |
September | 122.9 | 145.6 |
October | 122.0 | 145.6 |
November | 122.0 | 146.2 |
December | 121.6 | 146.2 |
2012 | ||
January | 122.1 | 146.2 |
February | 123.5 | 146.2 |
March | 125.5 | 146.2 |
April | 126.0 | 146.7 |
May | 124.7 | 147.4 |
June | 124.4 | 147.4 |
July | 124.8 | 147.4 |
August | 124.7 | 147.4 |
September | 124.5 | 147.4 |
October | 124.9 | 147.4 |
November | 125.6 | 147.4 |
December | 124.9 | 147.4 |
2013 | ||
January | 125.7 | 147.4 |
February | 126.0 | 148.3 |
March | 126.0 | 148.3 |
April | 126.4 | 148.5 |
May | 128.9 | 148.3 |
June | 128.0 | 148.4 |
July | 125.3 | 148.4 |
August | 124.9 | 148.3 |
September | 126.6 | 146.2 |
October | 127.0 | 149.1 |
November | 126.5 | 149.3 |
December | 127.5 | 149.1 |
2014 | ||
January | 125.7 | 149.3 |
February | 127.2 | 149.1 |
March | 127.9 | 149.7 |
April | 125.8 | 149.9 |
May | 126.1 | 150.3 |
June | 125.4 | 150.3 |
July | 125.7 | 150.4 |
August | 128.4 | 151.1 |
September | 128.7 | 150.8 |
October | 131.3 | 151.5 |
November | 132.1 | 151.5 |
December | 131.2 | 151.5 |
2015 | ||
January | 131.8 | 151.5 |
February | 132.0 | 151.5 |
March | 133.2 | 151.5 |
April | 134.1 | 152.1 |
May | 135.4 | 152.1 |
June | 135.1 | 152.1 |
July | 135.5 | 152.4 |
August | 135.0 | 152.5 |
September | 134.6 | 152.7 |
October | 135.0 | 152.7 |
November | 135.5 | 152.7 |
December | 134.7 | 152.5 |
2016 | ||
January | 135.4 | 153.0 |
February | 136.0 | 153.0 |
March | 136.9 | 153.9 |
April | 136.9 | 154.1 |
May | 137.7 | 153.9 |
June | 135.4 | 154.0 |
July | 135.6 | 154.0 |
August | 135.8 | 154.0 |
September | 137.0 | 154.2 |
October | 136.9 | 153.9 |
November | 137.6 | 154.2 |
December | 137.3 | 154.1 |
2017 | ||
January | 138.4 | 154.2 |
February | 138.4 | 154.8 |
March | 139.9 | 155.5 |
April | 139.7 | 155.5 |
May | 140.7 | 155.4 |
June | 139.7 | 155.6 |
July | 140.1 | 155.4 |
August | 140.2 | 155.6 |
September | 141.6 | 155.4 |
October | 141.0 | 155.6 |
November | 140.7 | 155.3 |
December | 140.9 | 155.4 |
2018 | ||
January | 141.3 | 155.6 |
February | 141.5 | 155.4 |
March | 142.7 | 156.3 |
April | 143.2 | 156.1 |
May | 142.6 | 156.1 |
June | 142.4 | 156.5 |
July | 142.7 | 156.1 |
August | 142.6 | 156.1 |
September | 143.3 | 158.1 |
October | 143.1 | 158.1 |
November | 144.0 | 158.1 |
December | 143.4 | 158.1 |
2019 | ||
January | 144.1 | 157.9 |
February | 144.5 | 157.9 |
March | 145.1 | 158.2 |
April | 145.4 | 159.9 |
May | 145.8 | 159.9 |
June | 144.9 | 160.0 |
July | 143.5 | 159.9 |
August | 143.7 | 159.7 |
September | 143.1 | 159.5 |
October | 145.0 | 160.0 |
November | 144.8 | 158.8 |
December | 144.8 | 158.6 |
2020 | ||
January | 145.1 | 159.1 |
February | 145.3 | 158.4 |
March | 144.4 | 160.1 |
April | 145.0 | 159.8 |
May | 144.8 | 159.8 |
June | 144.8 | 159.1 |
July | 145.2 | 159.6 |
August | 144.7 | 158.1 |
September | 145.6 | 158.8 |
October | 147.0 | 155.1 |
November | 146.4 | 158.3 |
December | 145.2 | 155.1 |
2021 | ||
January | 145.9 | 158.3 |
February | 148.0 | 159.9 |
March | 149.0 | 158.6 |
April | 149.1 | 160.4 |
May | 148.8 | 160.4 |
June | 148.0 | 160.4 |
July | 148.3 | 158.8 |
August | 149.9 | 158.8 |
September | 149.2 | 158.6 |
October | 150.1 | 158.6 |
Source: Statistics Canada. Table 18-10-0004-13 Consumer Price Index by product group, monthly, not seasonally adjusted; Statistics Canada. Table 18-10-0266-01 Industrial product price index, by product, monthly, NAPCS 21111. |
The results are interesting economically and discouraging for forecasting purposes. They are interesting economically, as they are consistent with a view that intermediation margins between the factory gate and the retail outlet have a strong influence on movements of consumer prices, to the point of lastingly negate cost and price impulses from the producer side. The same lack of visible “pass through” from the most detailed commodity level, however, is discouraging for forecasting purposes. As a group, the lowest aggregates of the IPPI do not show convincing predictive power on corresponding CPI aggregates. In consequence, expectations for a solid predictive link on higher aggregates, where compositional factors figure in more strongly, are low. Overall, however, the link between producer and consumer prices at the lowest level of aggregation is weak, at best, and places serious doubts on using lagged producer prices to predict consumer prices.
Impact of the pandemic and lumber prices (February 2020 – October 2021)
The pandemic has caused economic dislocations that have resulted in a marked increase in the IPPI. Strong increases in the price of lumber in particular were widely reported in the media and have caught the public eye. The events taken together with highly accommodative fiscal and monetary policy have raised questions if the response of the CPI will remain mute in the face of rising price pressures lower down the production chain. A reminder is useful at this stage that inflation is a broad-based phenomenon where prices rise in unison for a majority of items, and not just that a few items go up in price.
Data table for Chart 19
Lumber | Metal products and construction materials | Cement and glass | |
---|---|---|---|
Index Jan 2000=100 | |||
2000 | |||
January | 100.0 | 100.0 | 100.0 |
February | 100.0 | 100.3 | 100.6 |
March | 99.1 | 100.5 | 100.6 |
April | 95.2 | 100.6 | 100.7 |
May | 88.7 | 100.8 | 100.6 |
June | 86.4 | 100.3 | 100.7 |
July | 81.7 | 100.3 | 100.7 |
August | 78.1 | 100.0 | 100.9 |
September | 78.3 | 100.0 | 101.1 |
October | 77.8 | 100.2 | 101.4 |
November | 80.2 | 100.3 | 101.6 |
December | 77.7 | 100.0 | 101.6 |
2001 | |||
January | 73.9 | 99.8 | 102.3 |
February | 76.5 | 100.3 | 102.6 |
March | 79.3 | 100.3 | 102.8 |
April | 85.0 | 100.3 | 103.1 |
May | 100.9 | 100.6 | 103.1 |
June | 97.6 | 100.5 | 103.1 |
July | 91.6 | 100.6 | 103.3 |
August | 98.1 | 100.5 | 103.4 |
September | 94.2 | 100.8 | 103.1 |
October | 81.7 | 100.8 | 103.0 |
November | 83.8 | 100.5 | 103.1 |
December | 83.3 | 100.3 | 103.1 |
2002 | |||
January | 86.4 | 100.9 | 103.7 |
February | 92.2 | 100.9 | 103.6 |
March | 99.2 | 100.8 | 103.6 |
April | 96.9 | 101.1 | 104.3 |
May | 92.8 | 101.4 | 104.3 |
June | 84.0 | 101.5 | 104.3 |
July | 85.5 | 102.2 | 104.3 |
August | 82.9 | 102.8 | 104.6 |
September | 80.5 | 103.1 | 104.6 |
October | 81.0 | 103.1 | 104.4 |
November | 79.5 | 103.1 | 104.7 |
December | 79.8 | 102.9 | 104.6 |
2003 | |||
January | 79.2 | 102.9 | 104.7 |
February | 82.1 | 103.3 | 105.3 |
March | 76.7 | 103.4 | 104.8 |
April | 74.5 | 103.4 | 105.3 |
May | 70.1 | 102.6 | 105.4 |
June | 71.7 | 102.5 | 105.3 |
July | 75.7 | 102.8 | 104.4 |
August | 78.4 | 102.8 | 104.4 |
September | 87.0 | 103.1 | 104.4 |
October | 77.9 | 102.8 | 104.3 |
November | 75.4 | 102.8 | 104.3 |
December | 76.0 | 103.3 | 104.3 |
2004 | |||
January | 80.1 | 104.2 | 105.3 |
February | 87.0 | 105.6 | 105.3 |
March | 88.4 | 107.9 | 105.5 |
April | 93.3 | 109.9 | 106.0 |
May | 101.5 | 111.3 | 106.0 |
June | 98.9 | 112.2 | 106.1 |
July | 98.3 | 113.2 | 106.4 |
August | 104.2 | 114.6 | 106.7 |
September | 101.1 | 115.3 | 107.3 |
October | 86.6 | 115.5 | 107.1 |
November | 78.4 | 115.0 | 107.4 |
December | 83.4 | 115.0 | 107.4 |
2005 | |||
January | 84.9 | 115.9 | 108.7 |
February | 89.8 | 116.9 | 109.2 |
March | 89.7 | 116.7 | 109.2 |
April | 86.7 | 116.9 | 109.0 |
May | 82.2 | 116.4 | 109.1 |
June | 82.8 | 115.9 | 109.2 |
July | 81.0 | 115.5 | 109.2 |
August | 77.2 | 115.2 | 109.2 |
September | 78.5 | 115.3 | 109.2 |
October | 77.3 | 115.5 | 109.2 |
November | 77.4 | 115.6 | 109.7 |
December | 78.7 | 115.9 | 109.8 |
2006 | |||
January | 81.6 | 116.1 | 112.1 |
February | 80.2 | 116.3 | 112.2 |
March | 79.5 | 116.4 | 112.8 |
April | 78.1 | 116.7 | 113.7 |
May | 76.5 | 117.0 | 113.7 |
June | 74.1 | 117.6 | 113.7 |
July | 75.1 | 117.6 | 113.7 |
August | 72.4 | 117.8 | 113.9 |
September | 73.2 | 117.6 | 113.7 |
October | 71.1 | 117.5 | 113.7 |
November | 70.1 | 117.2 | 113.7 |
December | 71.6 | 117.0 | 113.7 |
2007 | |||
January | 75.8 | 117.5 | 115.4 |
February | 73.8 | 118.0 | 115.5 |
March | 72.7 | 118.6 | 115.9 |
April | 71.9 | 119.2 | 116.4 |
May | 69.3 | 118.7 | 116.4 |
June | 71.0 | 118.6 | 116.4 |
July | 70.2 | 118.3 | 116.2 |
August | 70.1 | 118.3 | 116.4 |
September | 67.4 | 118.0 | 116.5 |
October | 64.5 | 117.5 | 115.9 |
November | 63.8 | 117.2 | 116.2 |
December | 64.9 | 117.8 | 116.1 |
2008 | |||
January | 63.8 | 118.9 | 117.9 |
February | 62.3 | 119.8 | 117.5 |
March | 62.3 | 120.4 | 117.1 |
April | 63.0 | 122.6 | 118.3 |
May | 63.3 | 123.8 | 118.1 |
June | 65.0 | 126.5 | 118.2 |
July | 65.8 | 128.5 | 118.2 |
August | 69.1 | 130.3 | 118.3 |
September | 68.5 | 130.3 | 118.6 |
October | 69.9 | 131.0 | 119.6 |
November | 69.7 | 130.0 | 119.5 |
December | 69.1 | 129.3 | 119.5 |
2009 | |||
January | 66.6 | 129.6 | 121.1 |
February | 67.8 | 129.3 | 121.5 |
March | 67.8 | 128.3 | 121.6 |
April | 66.6 | 126.6 | 121.2 |
May | 63.4 | 125.9 | 121.8 |
June | 65.2 | 124.6 | 121.5 |
July | 66.7 | 124.6 | 121.8 |
August | 66.6 | 124.1 | 122.0 |
September | 65.5 | 123.7 | 121.9 |
October | 64.2 | 122.4 | 121.6 |
November | 64.9 | 122.4 | 121.8 |
December | 66.1 | 122.4 | 121.3 |
2010 | |||
January | 66.7 | 122.8 | 122.5 |
February | 73.0 | 122.8 | 122.8 |
March | 72.1 | 122.8 | 122.8 |
April | 74.5 | 124.3 | 122.5 |
May | 76.1 | 125.2 | 122.6 |
June | 68.3 | 125.9 | 122.8 |
July | 66.9 | 124.1 | 122.6 |
August | 67.3 | 124.1 | 122.8 |
September | 67.8 | 124.8 | 122.6 |
October | 68.6 | 124.0 | 122.5 |
November | 70.0 | 124.1 | 122.9 |
December | 70.4 | 124.3 | 122.8 |
2011 | |||
January | 71.7 | 125.2 | 123.3 |
February | 70.2 | 126.0 | 122.9 |
March | 69.9 | 127.1 | 123.2 |
April | 67.5 | 127.1 | 123.3 |
May | 63.9 | 126.8 | 123.3 |
June | 65.1 | 126.2 | 123.3 |
July | 66.3 | 126.8 | 124.3 |
August | 66.6 | 126.8 | 124.2 |
September | 68.3 | 126.3 | 124.3 |
October | 67.9 | 127.4 | 124.6 |
November | 66.9 | 126.5 | 124.6 |
December | 67.8 | 126.6 | 124.6 |
2012 | |||
January | 68.8 | 126.8 | 125.2 |
February | 68.8 | 126.8 | 125.3 |
March | 71.2 | 126.8 | 125.3 |
April | 71.7 | 127.1 | 125.3 |
May | 75.8 | 126.9 | 125.5 |
June | 77.4 | 126.2 | 125.3 |
July | 76.6 | 124.8 | 125.3 |
August | 77.6 | 124.5 | 125.7 |
September | 74.9 | 124.0 | 125.6 |
October | 74.8 | 124.0 | 125.6 |
November | 78.1 | 123.8 | 125.7 |
December | 81.4 | 124.1 | 125.7 |
2013 | |||
January | 87.3 | 123.5 | 126.5 |
February | 89.2 | 123.5 | 127.3 |
March | 92.8 | 123.8 | 127.2 |
April | 93.0 | 124.0 | 127.7 |
May | 86.0 | 124.3 | 127.9 |
June | 82.2 | 124.9 | 128.3 |
July | 82.3 | 125.1 | 128.3 |
August | 84.8 | 124.8 | 128.7 |
September | 86.8 | 124.8 | 128.6 |
October | 89.2 | 124.8 | 129.3 |
November | 92.4 | 125.2 | 130.4 |
December | 91.1 | 125.5 | 129.0 |
2014 | |||
January | 93.6 | 126.5 | 130.0 |
February | 94.4 | 126.5 | 130.6 |
March | 94.3 | 127.4 | 130.0 |
April | 92.1 | 127.2 | 130.2 |
May | 92.6 | 126.9 | 129.9 |
June | 90.8 | 126.9 | 131.0 |
July | 91.7 | 127.6 | 131.4 |
August | 94.3 | 127.7 | 131.6 |
September | 94.9 | 128.2 | 131.6 |
October | 95.5 | 128.6 | 132.4 |
November | 94.9 | 129.3 | 132.4 |
December | 95.8 | 129.3 | 131.6 |
2015 | |||
January | 98.7 | 130.8 | 131.0 |
February | 99.3 | 132.2 | 133.9 |
March | 96.0 | 132.4 | 132.0 |
April | 91.0 | 132.0 | 132.1 |
May | 87.9 | 132.0 | 132.4 |
June | 92.4 | 132.4 | 132.0 |
July | 97.0 | 132.8 | 133.4 |
August | 97.8 | 133.1 | 133.0 |
September | 94.4 | 133.4 | 133.6 |
October | 93.0 | 133.3 | 134.1 |
November | 95.5 | 133.4 | 134.0 |
December | 96.9 | 134.1 | 133.4 |
2016 | |||
January | 98.9 | 135.8 | 134.4 |
February | 95.9 | 135.4 | 136.0 |
March | 96.5 | 134.1 | 135.1 |
April | 97.1 | 133.3 | 133.3 |
May | 99.2 | 133.7 | 132.9 |
June | 100.3 | 134.1 | 134.0 |
July | 101.7 | 136.7 | 132.7 |
August | 102.2 | 138.1 | 132.1 |
September | 101.2 | 138.7 | 134.1 |
October | 100.6 | 137.5 | 134.7 |
November | 99.6 | 138.1 | 135.3 |
December | 99.4 | 138.1 | 134.7 |
2017 | |||
January | 100.3 | 138.1 | 135.7 |
February | 105.6 | 138.7 | 135.7 |
March | 109.0 | 139.9 | 134.9 |
April | 113.9 | 140.1 | 135.3 |
May | 112.5 | 141.2 | 136.6 |
June | 109.8 | 141.5 | 136.0 |
July | 111.6 | 142.0 | 136.6 |
August | 115.1 | 141.3 | 136.8 |
September | 115.5 | 140.6 | 137.1 |
October | 123.4 | 142.1 | 137.3 |
November | 127.4 | 142.6 | 138.1 |
December | 124.4 | 142.6 | 138.4 |
2018 | |||
January | 122.4 | 143.3 | 139.0 |
February | 129.7 | 144.9 | 139.8 |
March | 134.1 | 145.7 | 139.7 |
April | 132.8 | 146.6 | 141.0 |
May | 144.0 | 149.7 | 141.3 |
June | 147.5 | 151.1 | 140.3 |
July | 141.5 | 152.9 | 141.1 |
August | 124.5 | 153.1 | 141.5 |
September | 120.5 | 154.6 | 141.5 |
October | 104.0 | 151.9 | 141.7 |
November | 102.3 | 152.6 | 141.1 |
December | 103.7 | 153.9 | 140.4 |
2019 | |||
January | 104.4 | 155.3 | 141.4 |
February | 110.7 | 154.3 | 141.5 |
March | 110.7 | 154.8 | 142.5 |
April | 105.8 | 155.3 | 143.2 |
May | 102.4 | 155.3 | 142.8 |
June | 103.6 | 156.2 | 142.5 |
July | 106.6 | 154.5 | 142.7 |
August | 104.3 | 154.2 | 141.7 |
September | 106.5 | 154.5 | 142.0 |
October | 106.7 | 154.8 | 143.2 |
November | 109.5 | 152.3 | 142.8 |
December | 109.4 | 153.6 | 143.0 |
2020 | |||
January | 110.0 | 154.8 | 142.2 |
February | 118.6 | 153.7 | 142.5 |
March | 120.2 | 154.6 | 143.2 |
April | 108.8 | 155.4 | 142.8 |
May | 110.7 | 154.3 | 141.1 |
June | 116.9 | 154.0 | 140.8 |
July | 143.2 | 153.7 | 139.1 |
August | 176.7 | 153.7 | 138.7 |
September | 211.8 | 153.6 | 139.8 |
October | 194.4 | 154.6 | 140.3 |
November | 165.2 | 154.3 | 140.8 |
December | 198.2 | 155.9 | 140.3 |
2021 | |||
January | 225.3 | 159.1 | 141.5 |
February | 240.4 | 166.3 | 142.0 |
March | 259.5 | 167.5 | 142.0 |
April | 289.3 | 173.1 | 143.5 |
May | 360.8 | 179.1 | 145.4 |
June | 315.7 | 180.3 | 146.8 |
July | 211.9 | 189.6 | 147.5 |
August | 168.6 | 192.3 | 147.7 |
September | 167.5 | 197.1 | 148.4 |
October | 187.5 | 206.3 | 148.1 |
Source: Statistics Canada. Table 18-10-0266-01 Industrial product price index, by product, monthly, NAPCS 241, P63, P81 |
The cost of construction materials in the course of the pandemic increased at rates that reflected various bottlenecks and ranged from barely noticeable such as cement, to moderate such as metal products, to dramatic in the case of lumber. The Building Construction Cost Index (BCPI) measures the cost of building single-detached homes as well as townhouses.Note Costs are up by approx. 30% since the start of the pandemic, on the most recent measures. The increase in the price of lumber raised construction costs noticeably, according to industry reports. The CBC quoted the Canadian Home Builder’s Association, which said that lumber raised construction cost of a typical townhouse by $10,000 and by $30,000 for a house that is 230 m2 in size.Note
Note The New Housing Price Index (NHPI) measures the prices builders receive for selling new homes to consumers, and is thereby a broader measure of home price inflation.Note The structure component of the NHPI has increased approx. by 19% since the start of the pandemic.
Data table for Chart 20
NHPI House | BCPI Single-detached house | Homeowners' replacement cost | |
---|---|---|---|
Index 2017-Q1=100 | |||
2017 | |||
Q1 | 100.0 | 100.0 | 100.0 |
Q2 | 101.5 | 101.5 | 101.8 |
Q3 | 101.9 | 104.4 | 102.6 |
Q4 | 102.0 | 106.0 | 103.1 |
2018 | |||
Q1 | 101.5 | 107.8 | 102.9 |
Q2 | 101.9 | 110.1 | 103.1 |
Q3 | 101.7 | 111.0 | 103.1 |
Q4 | 101.6 | 111.3 | 103.2 |
2019 | |||
Q1 | 101.4 | 111.8 | 103.1 |
Q2 | 101.0 | 112.4 | 102.8 |
Q3 | 101.5 | 113.1 | 103.0 |
Q4 | 101.4 | 113.5 | 103.3 |
2020 | |||
Q1 | 102.3 | 114.2 | 104.0 |
Q2 | 102.7 | 114.7 | 104.4 |
Q3 | 106.0 | 118.0 | 106.7 |
Q4 | 108.0 | 122.6 | 109.3 |
2021 | |||
Q1 | 112.9 | 130.9 | 113.6 |
Q2 | 118.8 | 142.2 | 118.8 |
Q3 | 121.4 | 148.5 | 121.2 |
Source: Statistics Canada. Table 18-10-0205-01 New housing price index, monthly; Statistics Canada. Table 18-10-0135-01 Building construction price indexes, by type of building; Statistics Canada. Table 18-10-0004-04 Consumer Price Index, monthly, percentage change, not seasonally adjusted. |
The NHPI is a component of the CPI and the driving factor that measures the replacement cost of housing (depreciation), which is an integral part of the home ownership “user cost concept” used in the CPI.Note The CPI basket weight of the replacement cost component is 5.6%, and the overall effect of high construction costs on the CPI, muted.Note
Conclusion
The issue regarding the predictive power of the IPPI on the CPI periodically comes up at Statistics Canada. This is the third study that looked at the topic in detail. Each study took a different approach and angle. Except for energy (gasoline) and some food groupings, none found an economically meaningful persistent predictive link. The conclusions of this paper are fundamentally the same as those of the two previous studies, and the broader literature. As a group, the various national and international studies have not found discernable stable and consistent relationships between producer price aggregates and consumer price aggregates that can be used for prediction.
This is unsurprising. Given the lack of evidence of a predictive link at the most disaggregated level for most basic commodities, it is even likely that to the extent that relationships are found in some time periods and not others, or with reverse causalities, spurious statistic random relationships predominate. At best, predictive power is muted and moderate. The substantial conclusion is the following. If there were strong IPPI increases to come, there is no evidence in the data that the CPI will increase to an extent where it moves outside the Bank of Canada target range. In general, there is no consistent relationship between the IPPI and CPI for the time period under examination.
Dependent var. | Independent var. | Time frame | Granger causality |
---|---|---|---|
CPI excl. energy | PPI excl. energy | 2001-2021 | Yes |
CPI-goods | PPI | 2001-2021 | Yes |
CPI-goods excl. energy | PPI | 1995-2018 | Yes |
CPI food | PPI food (NAICS) | 2001-2021 | Yes |
CPI meat | PPI meat | 2001-2021 | Yes |
CPI beef | PPI beef | 2001-2021 | Bidirectional |
CPI pork | PPI pork | 2001-2021 | Bidirectional |
CPI poultry | PPI poultry | 2001-2021 | Yes |
CPI butter | PPI butter | 2001-2021 | Yes |
CPI coffee | PPI coffee | 2001-2021 | No |
PPI bread | PPI flour | 2001-2021 | No |
CPI bred | PPI flour | 2001-2021 | No |
CPI bread | PPI bread | 2001-2021 | No |
CPI passenger vehicles | PPI automotive (NAICS) | 2001-2021 | No |
CPI cleaning products | PPI cleaning products (NAICS) | 2001-2021 | Yes |
CPI appliances | PPI appliances (NAICS) | 2001-2021 | No |
CPI appliances | PPI appliances (NAPCS) | 2001-2021 | No |
CPI furniture | PPI furniture (NAICS) | 2001-2021 | No |
CPI furniture | PPI furniture (NAPCS) | 2001-2021 | No |
CPI clothing | PPI clothing (NAICS) | 2001-2021 | No |
CPI tobacco | PPI tobacco (NAICS) | 2001-2021 | Yes |
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