Finance

Economic and Project Analysis

Posted: November 2017
Consumer Price Index Commentary, January-September 2017
Next due: January 2018

Consumer Inflation Averaged 2.7% in First Three Quarters of 2017

According to the Consumer Price Index (CPI) released by Statistics Canada, consumers paid 2.7% more for goods and services in the first three quarters of 2017 compared to the same period in 2016. Prices in Newfoundland and Labrador were impacted by changes in several consumer taxes, effective June/July 2016.

Energy energy prices increased in the first three quarters of the year (up 9.1%). Prices for Fuel oil and other fuels increased by 17.1%, partially offset by a decline in electricity prices (down 1.1%). Gasoline prices increased by 14.8% (increased taxes and higher crude oil prices). Overall consumer prices were 2.0% higher when excluding the Energy category.

With the exception of Food, all major categories recorded price increases during the first three quarters of 2017, with the largest increase occurring in Transportation. Prices in Transportation were up by 6.5% due to higher gasoline prices.

Nationally, inflation was 1.5% for the first three quarters of 2017.

The Department of Finance's November 2017 forecast predicts inflation to average 2.6% in 2017.

Year-Over-Year Change in CPI
Jan-Sep 2017 vs. Jan-Sep 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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