Consumer Price Index Monthly

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Consumer Price Index, January 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

  CA NL PE NS NB QC ON MB SK AB BC
Jan-24 158.3 159.8 162.6 162.0 158.5 154.8 159.9 157.5 159.7 165.9 152.6
Dec-23 158.3 159.8 163.0 162.1 157.8 155.0 160.0 158.2 159.9 165.6 152.1
Jan-23 153.9 155.9 160.1 157.3 154.9 149.9 155.7 156.2 156.7 160.5 148.1
Year Over year Change (%) 2.9% 2.5% 1.6% 3.0% 2.3% 3.3% 2.7% 0.8% 1.9% 3.4% 3.0%
Monthly Change (%) 0.0% 0.0% -0.2% -0.1% 0.4% -0.1% -0.1% -0.4% -0.1% 0.2% 0.3%

Statistics Canada reported that the year-over-year change in the All-Items Consumer Price Index (CPI) for P.E.I. was 1.6 per cent in January 2024. This was the second lowest year-over-year increase among provinces, ahead of only Manitoba at 0.8 per cent. Prices increased at a slower pace than the 2.6 per cent year-over-year increase one month ago (December 2023). Year-over-year prices rose at a slower pace in January than in December in 9 provinces. The change to the All-items index for P.E.I. as compared to December 2023 was -0.2 per cent. This compares to 2.9 per cent year-over-year and 0.0 per cent monthly changes for Canada.

Leading contributor to year-over-year price increases for P.E.I. were mortgage interest cost1, followed by food purchased from restaurants (6.4%), purchase and leasing of passenger vehicles (3.3%), cigarettes (6.9%), and property taxes and other special charges (6.3%). These increases were partially offset by year-over-year declines for fuel oil and other fuels (-13.6%), telephone services (-10.4%), gasoline (-3.1%), travel tours1, and internet access services (-8.0%).

The monthly change in the All-Items CPI for PEI in January 2024 was -0.2 per cent. Higher prices for rent (1.2%), telephone services (4.6%), food purchased from restaurants (0.8%), personal care supplies and equipment (3.8%), and internet access services (3.9%), were offset by lower prices for inter-city transportation (-22.5%), passenger vehicle insurance premiums (-3.8%), travel tours1, other food preparations1, and gasoline (-0.8%).

Prices increased year-over-year in 5 of the 8 major CPI components, led by 5.3 per cent increase in food prices and a 4.8 per cent increase in health and personal care costs. The cost for food increased at a slower pace in January than in December (7.1%). Food purchased from restaurants was up 6.4 per cent year-over-year in January, while food purchased from stores increased 4.5 per cent. Energy2 costs decreased 5.3 per cent year-over-year, after falling 1.5 per cent in December.

January 2024 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
Jan-24 198.6 137.2 176.5 96.0 170.8 152.0 123.4 228.0 241.6
Dec-23 198.1 135.3 175.7 97.2 175.7 150.3 124.2 226.6 243.9
Jan-23 188.6 139.9 173.5 98.6 169.2 145.0 123.4 220.7 255.2
Year Over year Change (%) 5.3% -1.9% 1.7% -2.6% 0.9% 4.8% 0.0% 3.3% -5.3%
Monthly Change (%) 0.3% 1.4% 0.5% -1.2% -2.8% 1.1% -0.6% 0.6% -0.9%

Excluding energy, PEI’s CPI increased 2.3 per cent year-over-year, the second lowest among provinces. The year-over-year increase in the All-items excluding energy index for Canada was 3.3 per cent.

January 2024 CPI All-Items and All-Items Excluding Energy, Year-over-Year Change, Canada and Provinces

Nationally, the All-Items CPI rose 2.9 per cent on a year-over-year basis in January, down from a 3.4 per cent increase in December. The headline CPI grew at a slower pace largely due to lower gasoline prices (-4.0 per cent), along with slower price growth for food purchased from stores, which was down from 4.7 per cent in December to 3.4 per cent in January. Lower prices for airfares and travel tours also contributed to the headline deceleration. Year-over-year prices rose at a slower pace in January as compared to December in five of the eight major components.

Consumers paid 4.0 per cent less at the pump in January 2024 compared with January 2023. The price decrease was largely a base-year effect, as prices were elevated in January 2023 due to refinery closures in the southwestern United States following winter storm Elliot. On a monthly basis, prices for gasoline fell 0.9 per cent in January after a 4.4 per cent increase in December. Excluding gasoline, the CPI rose 3.2 per cent year-over-year in January, down from 3.5 per cent in December.

The cost of food purchased from stores remains elevated, however year-over-year price growth slowed from 4.7 per cent in December to 3.4 per cent in January. This deceleration was broad-based, as prices for meat (2.8 per cent), other food preparations (4.2 per cent), dairy products (1.5 per cent), bakery products (4.0 per cent) and fresh fruit (1.9 per cent) all grew at a slower year-over-year pace than in December.

On a monthly basis nationally, there was no change in the All-Items CPI in January, following a 0.3 per cent decrease in December.

For more information on the January 2024 CPI, as well as links to data tables, please refer to Statistics Canada’s release for the Consumer Price Index, January 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 February 2024 will be released on March 19, 2024.

Source: Statistics Canada.

Table 18-10-0004-01, Consumer Price Index, monthly, not seasonally adjusted

Date de publication : 
le 20 Février 2024
Finances

Renseignements généraux

Ministère des Finances
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95, rue Rochford
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Charlottetown (Î.-P.-É.) C1A 7N8

Téléphone : 902-368-4040
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