Consumer Price Index Monthly
Consumer Price Index, October 2024
This monthly release of the The Consumer Price Index (CPI) for Canada, the provinces, Whitehorse and Yellowknife, provides a descriptive summary of retail price movements, inflation rates and the factors underlying them.
PEI and Canada Consumer Price Index
All-Items Consumer Price Index by Province
Statistics Canada reported that the year-over-year change in the All-Items Consumer Price Index (CPI) for P.E.I. was 1.3 percent in October 2024, up from 1.0 percent in September. This was the third lowest year-over-year increase among provinces, with Newfoundland and Labrador and Manitoba both at 1.1 percent. Year-over-year prices rose at a faster pace in October than in September in all ten provinces. The All-items index for P.E.I. as compared to September 2024 was 0.1 per cent. This compares to 2.0 percent year-over-year and 0.4 percent monthly changes for Canada.
Leading contributors to year-over-year price increases for P.E.I. were rent (+10.5%), followed by mortgage interest cost1 , food purchased from restaurants (+4.3%), cigarettes (+5.3%), and other household services1. These increases were partially offset by year-over-year declines for fuel oil and other fuels (-28.8%), recreational equipment and services excluding recreational vehicles (-4.8%), men's clothing (-11.2%), gasoline (-2.1%), and home entertainment equipment, parts and services (-12.2%).
The monthly change in the All-Items CPI for PEI in October 2024 was 0.1 percent. Higher prices for gasoline (+1.8%), property taxes and other special charges (+3.4%), women's clothing (+4.1%), other food preparations1, and purchase and leasing of passenger vehicles (+0.6%) were mostly offset by lower prices for traveler accommodation (-24.1%), recreational equipment and services excluding recreational vehicles (-2.8%), fresh vegetables (-5.4%), inter-city transportation (-3.4%), and paper, plastic and aluminum foil supplies (-5.5%).
Prices increased year-over-year in 5 of the 8 major CPI components, led by a 3.5 percent increase in food prices and 2.7 percent increase in health and personal care costs. Prices declined for 3 of the major components and increased at a slower pace in October than in September for 4 components. Food and transportation prices accelerated year-over-year.
Food purchased from restaurants was up 4.3 percent year-over-year in October, up from 4.0 percent in September, while food purchased from stores increased 2.9 percent, up from a 2.5 percent increase in September. Prices for meat products (+4.0%), vegetables and vegetable preparations (+7.9%), and other food products and non-alcoholic beverages (+4.7%) rose at a faster pace in October than in September, while price increases slowed for dairy products and eggs (+3.1%) and fruit, fruit preparations and nuts (+1.1%). Prices for fish, seafood and other marine products (-8.4%) and bakery and cereal products excluding baby food (-1.9%) declined on a year-over-year basis in October.
Energy2 costs decreased 6.9 percent year-over-year, up from a 14.3 percent decrease last month. Excluding energy, PEI’s CPI increased 2.1 percent year-over-year. The year-over-year increase in the All-items excluding energy index for Canada was 2.4 percent.
October 2024 Prince Edward Island CPI Eight Major Components and Energy
October 2024 CPI All-Items and All-Items Excluding Energy, Year-over-Year Change, Canada and Provinces
NATIONAL
Nationally, the All-Items CPI rose 2.0 percent on a year-over-year basis in October, up from a 1.6 percent increase in September. This was largely due to gasoline prices falling to a lesser extent in October (-4.0%) than in September (-10.7%). The smaller decline is partly due to a base-year effect, as prices fell 6.4 percent month- over-month in October 2023, stemming from lower refining margins and weaker global oil consumption. Prices for food purchased from stores rose 2.7 percent in October, up from 2.4 percent in September. This is the third consecutive month that grocery prices increased at a faster pace than headline inflation. Shelter costs decelerated in October, increasing 4.8 percent, down from a 5.0 percent increase in September.
On a monthly basis, national CPI rose 0.4 percent in October, following a 0.4 percent decline in September.
For more information on the October 2024 CPI, as well as links to data tables, please refer to Statistics Canada’s release for the Consumer Price Index, October 2024.
Related downloads for this release:
Monthly Consumer Price Index Report PDF (87KB)
1 Data not published at the provincial level
2 The special aggregate "energy" includes: "electricity", "natural gas", ",fuel oil and other fuels", "gasoline", and "fuel, parts and accessories for recreational vehicles".
Visit the Consumer Price Index Portal to find all CPI data, publications, interactive tools, and announcements highlighting new products and upcoming changes to the CPI in one convenient location.
The CPI for November 2024 will be released on December 17, 2024.
Source: Statistics Canada.
Table 18-10-0004-01, Consumer Price Index, monthly, not seasonally adjusted