Finance

Economic and Project Analysis

Posted: March 2018
Consumer Price Index Commentary, January-December 2017
Next due: late June 2018

Consumer Inflation Averaged 2.7% in 2017

According to the Consumer Price Index (CPI) released by Statistics Canada, consumers paid 2.4% more for goods and services in 2017 compared to 2016.

Energy prices increased in 2017 by 7.2%, rising across all major sources: Fuel oil and other fuels up 16.0% and Gasoline up 9.2%, both affected by higher crude oil prices; and Electricity up 1.2%. Overall consumer prices were 1.8% higher when excluding the Energy category.

With the exception of Food, all major categories recorded price increases during 2017, with the largest increase occurring in Transportation. Prices in Transportation were up by 5.6% due to higher gasoline prices.

Nationally, inflation was 1.6% for 2017.

The Department of Finance's March 2018 forecast predicts inflation to average 2.0% in 2018.

Year-Over-Year Change in CPI
Jan-Dec 2017 vs. Jan-Dec 2016

Consumer Price Index Chart, Year-to-date

Statistical Reference: For the latest in consumer price index statistics visit the Newfoundland & Labrador Statistics Agency site and check the release dates on the Statistics Canada site.


 
Economic and Project Analysis Division, Department of Finance - (709) 729-3255 - infoera@gov.nl.ca

 
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