Consumer Price Index Monthly
Consumer Price Index, October 2023
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
|Year Over year Change (%)||3.1%||2.4%||1.7%||3.2%||2.8%||4.2%||3.3%||1.9%||1.8%||2.1%||2.7%|
|Monthly Change (%)||0.1%||-0.4%||-0.2%||-0.3%||-0.3%||0.0%||0.4%||0.3%||-0.4%||-0.5%||-0.1%|
Statistics Canada reported that the year-over-year change in the All-Items Consumer Price Index (CPI) for P.E.I. was 1.7 per cent in October 2023, down from 2.8 per cent in September. This was the lowest year-over-year increase among provinces for October. Year-over-year prices rose at a slower pace in October than in September in all ten provinces. The change to the All-items index for P.E.I. as compared to September 2023 was -0.2 per cent. This compares to 3.1 per cent year-over-year and 0.1 per cent monthly changes for Canada.
Leading contributors to year-over-year price increases for P.E.I. were mortgage interest cost1, followed by food purchased from restaurants (6.7%), passenger vehicle insurance premiums (12.2%), purchase and leasing of passenger vehicles (2.4%), and cigarettes (8.1%). These increases were partially offset by year-over-year declines fuel oil and other fuels (-11.2%), gasoline (-6.4%), child care and housekeeping services (-40.5%), telephone services (-10.1%), and inter-city transportation (-17.4%).
The monthly change in the All-Items CPI for PEI in October 2023 was -0.2 per cent. Higher prices for property taxes and other special charges (6.3%), recreational equipment and services (excluding recreational vehicles) (5.6%), passenger vehicle insurance premiums (6.8%), passenger vehicle parts, maintenance and repairs (2.9%) and travel tours1 were offset by lower prices for gasoline (-10.3%), traveller accommodation (-22.7%), inter-city transportation (-4.3%), fresh vegetables (-6.9%), and pet food and supplies1.
Prices increased year-over-year in 6 of the 8 major CPI components and at a slower pace than in September in 6 of the 8 major components. Increases were led by a 6.4 per cent increase in food prices and a 6.1 per cent increase in health care & personal care costs. Food purchased from stores increased 5.9 per cent year-over-year in October, down from 6.1% in September. Notable increases were for fruit, fruit preparations and nuts (7.9%), other food products and non-alcoholic beverages (7.5%), and dairy products and eggs (6.5%). Food purchased from restaurants was up 6.7 per cent year-over-year in October. Energy2 costs decreased by 7.5 per cent year-over-year, following an 8.1 per cent increase in September.
October 2023 Prince Edward Island CPI Eight Major Components and Energy
|Prince Edward Island CPI Major Components|
|Food||Household operations, furnishings & equipment||Shelter||Clothing & Footwear||Transportation||Health & Personal Care||Recreation, Education, & Reading||Alcohol, Tobacco, & Cannibis||Energy|
|Year Over year Change (%)||6.4%||-2.3%||1.0%||1.4%||-0.4%||6.1%||2.6%||3.9%||-7.5%|
|Monthly Change (%)||-0.1%||0.5%||1.0%||1.9%||-2.5%||0.2%||-0.8%||0.4%||-6.5%|
Excluding energy, PEI’s CPI increased 3.0 per cent year-over-year, the third lowest increase among provinces, behind Saskatchewan and Alberta at 2.7 per cent. The year-over-year increase in the All-items excluding energy index for Canada was 3.8 per cent.
October 2023 CPI All-Items and All-Items Excluding Energy, Year-over-Year Change, Canada and Provinces
Nationally, the All-Items CPI rose 3.1 per cent on a year-over-year basis in October, down from a 3.8 per cent increase in September. Lower prices for gasoline, telephone services, and natural gas were offset by an increase in mortgage interest cost of 30.5%. Year-over-year prices for gasoline in October decreased 7.8 per cent, as compared to an increase of 7.5 per cent in September. Food purchased from stores was up 5.4 per cent on a year-over-year basis in October, slowing from 5.8 per cent in September. Year-over-year prices rose at a slower pace in October as compared to September in six of the eight major components.
On a monthly basis nationally, the All-Items CPI rose 0.1 per cent in October, following a 0.1 per cent decrease in September.
For more information on the October 2023 CPI, as well as links to data tables, please refer to Statistics Canada’s release for the Consumer Price Index, October 2023.
CPI Basket Update, May 2023
The basket of goods and services used in the calculation of the CPI was updated with the release of the May 2023 data. The new basket weights are based on 2022 expenditure data, ensuring the relevance of the CPI as a reflection of the most recent consumer expenditure data available. The base period, in which the all-items CPI is set to equal 100, remains 2002.
For more detailed information, consult the document entitled "An Analysis of the 2023 Consumer Price Index Basket Update, Based on 2022 Expenditures" in the Prices Analytical Series (Catalogue number 62F0014M).
The new basket weights are available in Statistics Canada table 18-10-0007-01.
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 October 2023 will be released on December 19, 2023.
Source: Statistics Canada.