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Posted: October 2016
Consumer Price Index Commentary, January - September, 2016
Next due: January 2016

Consumer Inflation Averaged 2.3% in First Three Quarters of 2016

According to the Consumer Price Index (CPI) released by Statistics Canada, consumers paid 2.3% more for goods and services in first three quarters of 2016 compared to the corresponding period in 2015.

Price decreases were recorded in the Energy category (down 2.3%), mirroring the decline in crude oil prices. Overall prices are 2.9% higher when excluding the Energy category. The decline in the Energy category limited the increases in Transportation and Shelter prices.

Noticeable increases include Household Operations, Furnishings and Equipment (up 4.5%), Alcoholic Beverages and Tobacco Products (up 3.0%), and Food (up 3.2%). Services increased by 3.2% while Goods increased by 1.6%.

Nationally, inflation growth was 1.5% in the first three quarters of 2016.

The Department of Finance's September 2016 forecast predicts inflation to average 2.5% in 2016.

Year-Over-Year Change in CPI
January - September, 2016 vs. January - September, 2015

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 Research & Analysis Division, Department of Finance - (709) 729-3255 - infoera@gov.nl.ca

 
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