Consumer Price Index Monthly
Consumer Price Index, December 2020
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
|Year Over year Change (%)||0.7||0.6||-0.1||0.6||0.4||0.8||0.7||0.1||0.9||0.8||0.8|
|Monthly Change (%)||-0.2||-0.4||-0.1||0.0||0.1||-0.1||-0.1||-0.7||-0.5||-0.4||-0.4|
|Annual Average 2020||137.0||139.6||137.9||137.9||136.6||132.8||138.4||137.5||140.7||144.7||132.4|
|Annual Average 2019||136.0||139.3||137.9||137.5||136.3||131.7||137.5||136.8||139.9||143.1||131.4|
|Annual Change (%)||0.7||0.2||0.0||0.3||0.2||0.8||0.7||0.5||0.6||1.1||0.8|
Statistics Canada reported that the year-over-year change in the All-Items Consumer Price Index for P.E.I. was -0.1 per cent in December 2020. This compares to a rise of 0.7 per cent for Canada. Year-over-year price increases for P.E.I. were led by rent (4.2%), followed by purchase and leasing of passenger vehicles (2.0%), homeowners' replacement cost (4.6%), cigarettes (10.5%), and furniture (9.0%). These increases were offset by year-over-year declines for fuel oil and other fuels (-24.1%), gasoline (-10.7%), telephone services (-9.5%), inter-city transportation (-13.7%), and women's clothing (-6.9%).
The monthly change for P.E.I. in December 2020 was also -0.1 per cent. Lower prices for women's clothing ( 14.0%), men's clothing (-7.8%), telephone services (-2.5%), food purchased from restaurants (-1.6%), and traveler accommodation (-5.0%) were offset by higher prices for gasoline (5.9%), fuel oil and other fuels (9.9%), inter-city transportation (7.0%), fresh or frozen beef (10.4%), and homeowners' replacement cost (1.3%).
Impact of COVID-19 on the December CPI
Consumer confidence rose to its highest point since the onset of the pandemic, as Canadians received good news with the approval of the first two vaccinations against COVID-19. At the same time, more regions locked down or imposed further restrictions to limit the spread of COVID-19, resulting in job losses for some Canadians and employment uncertainty for others.
Crude oil prices increased over November, driven primarily by production cuts in major oil-producing countries in response to consistently low global demand for oil amid limited travel and lower levels of economic activity.
Lower demand for air travel pushed air transportation prices (-14.5%) down in December. The typical seasonal demand for air travel during the holiday season was significantly reduced in December.
For more information about the impact of COVID-19 on the CPI, please consult the research document entitled "Adjusting the Consumer Price Index to the new spending realities during the pandemic" released on October 8, which explores new sources of expenditure data to estimate basket weights that reflect shifting consumption patterns during the pandemic.
For more information regarding the December CPI for Canada and the Provinces, see the Statistics Canada CPI release for December 2020.
PEI / CANADA CONSUMER PRICE INDEX ANNUAL 2020
There was no change in the All-Items Consumer Price Index annual average for P.E.I. in 2020 as compared to 2019. Energy prices on P.E.I. decreased by 14.2 per cent over 2019, with prices for fuel oil and other fuels dropping by 25.0 per cent and gasoline prices falling 15.7 per cent. Food prices increased 4.1 per cent, led by a 8.5 per cent increase in prices for meat products. Core inflation (all items excluding energy and food) increased 1.3 per cent.
All provinces except Prince Edward Island saw consumer prices increase in 2020 and inflation slowed in all provinces as compared to 2019. Alberta posted the largest increase in annual average CPI at 1.1 per cent, followed by Quebec and British Columbia at 0.8 per cent.
The annual average increase for Canada was 0.7 per cent, following an increase of 1.9 per cent in 2019. Increases occurred in five of the eight major components, with food (2.3 per cent) and shelter (1.7 per cent) increasing the most. Declines occurred for clothing and footwear (-1.8 per cent), recreation, education and reading (-0.9 per cent), and transportation (-0.2 per cent). Energy decreased by 7.6 per cent compared to 2019. Core inflation for Canada was 1.1 per cent in 2020.
Related downloads for this release:
Monthly Consumer Price Index Report PDF (87KB)
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 January 2021 will be released on February 17, 2021.
Source: Statistics Canada.
Table 18-10-0004-01, Consumer Price Index, monthly, not seasonally adjusted
Table 18-10-0005-01, Consumer Price Index, annual average, not seasonally adjusted