Consumer Price Index Monthly
Consumer Price Index, February 2021
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 (%)||1.1||1.2||1.4||1.2||0.8||1.6||1.1||0.4||0.8||0.6||0.9|
|Monthly Change (%)||0.5||-0.1||0.8||0.4||0.4||0.7||0.5||0.3||0.4||0.4||0.4|
Statistics Canada reported that the year-over-year change in the All-Items Consumer Price Index for P.E.I. was 1.4 per cent in February 2021. This compares to a 1.1 per cent increase for Canada. Year-over-year price declines for P.E.I. were led by women's clothing (-17.0%), followed by telephone services (-10.7%), mortgage interest cost*, electricity (-3.4%), and inter-city transportation (-6.2%). These declines were more than offset by year-over-year increases for homeowners' replacement cost (8.7%), purchase and leasing of passenger vehicles (3.1%), gasoline (3.9%), cigarettes (10.1%), and other food preparations*.
The monthly change for P.E.I. in February 2021 was 0.8 per cent. Higher prices for gasoline (5.7%), fuel oil and other fuels (8.7%), homeowners' replacement cost (4.0%), purchase and leasing of passenger vehicles (1.2%), and other owned accommodation expenses* were partially offset by lower prices for telephone services (-4.4%), rent (-1.0%), men's clothing (-3.3%), fresh or frozen chicken (-6.8%), and recreational equipment and services excluding recreational vehicles (-2.9%).
Nationally, the All-Items Consumer Price Index rose 1.1 per cent on a year-over-year basis in February, accelerating from a 1.0 per cent increase in January. This was mostly due to rising prices for gasoline (5.0%) over February 2020 prices. Gasoline prices rose for a third consecutive month and was up 6.5 per cent compared to January 2021.
The CPI All-items index increased in all provinces on a year-over-year basis in February, with prices rising more in February than in January in Quebec (1.6%), Prince Edward Island (1.4%) and New Brunswick (0.8%). Growth slowed in all other provinces, with prices increasing at the slowest pace in Manitoba (0.4%).
Impact of COVID-19 on the February CPI
Gasoline prices rose for the third consecutive month, up 6.5 per cent in February compared with January (6.1 per cent), and this supported growth in consumer prices in February. The price increase comes amid a gradual recovery in global demand for gasoline, crude oil supply cuts in major oil-producing countries and weather-related shutdowns in the southern United States.
Year over year, traveller accommodation prices declined more in February (-18.0 per cent) compared with January (-16.1 per cent). Demand for traveller accommodation remained low amid continued restrictions on non-essential travel to contain the spread of COVID-19.
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, 2020, which explores new sources of expenditure data to estimate basket weights that reflect shifting consumption patterns during the pandemic.
For more information regarding the February CPI for Canada and the Provinces, see the Statistics Canada CPI release for February 2021.
Related downloads for this release:
Monthly Consumer Price Index Report PDF (87KB)
* data not published at the provincial level
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 March 2021 will be released on April 21, 2021.
Source: Statistics Canada.
Table 18-10-0004-01, Consumer Price Index, monthly, not seasonally adjusted