Consumer Price Index Monthly
Consumer Price Index, October 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||0.3||0.1||0.5||0.7||0.1||0.5||1.1||0.5|
|Monthly Change (%)||0.4||0.8||0.3||0.7||0.5||0.5||0.4||0.7||0.6||0.1||0.3|
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 October 2020. This compares to a 0.7 per cent increase for Canada. Year-over-year price declines for P.E.I. were led by fuel oil and other fuels (-29.6%), followed by gasoline (-13.0%), telephone services (-6.0%), women's clothing (-7.0%), and recreational equipment and services excluding recreational vehicles (-8.6%). These declines were mostly offset by year-over-year increases for rent (5.9%), purchase and leasing of passenger vehicles (2.9%), cigarettes (10.2%), dairy products (8.6%), and homeowners' replacement cost (3.3%).
The monthly change for P.E.I. in October 2020 was 0.3 per cent. Higher prices for homeowners' replacement cost (2.5%), purchase and leasing of passenger vehicles (1.0%), women's clothing (4.2%), dairy products (2.6%), and children's clothing (7.2%) were partially offset by lower prices for traveler accommodation (-11.3%), rent (-1.4%), other fresh or frozen poultry*, fresh vegetables (-3.9%), and sugar and confectionery (-3.9%).
Nationally, the All-Items Consumer Price Index rose 0.7 per cent on a year-over-year basis in October, up from a 0.5 per cent increase in September. Prices rose in five of the eight major components on a year-over-year basis. Year-over-year gasoline prices fell 12.4 per cent in October, following a 10.7 per cent decline in September. Prices rose in all provinces on a year-over-year basis in October.
Impact of COVID-19 on the October CPI
Following a 2.2% decline in September, prices for fresh or frozen chicken increased by 2.4% in October. Volatility in the food service industry related to COVID-19 has had an unpredictable impact on chicken prices. The rise in prices in October followed production cuts beginning in May, which were implemented in an effort to steady the market. Meat prices rose 1.7% on a year-over-year basis in October, following a 0.4% increase in September.
Mortgage rates continue to face downward pressure from lower interest rates following reductions in the Bank of Canada's policy interest rate in March. The mortgage interest cost index fell 0.7% on a month-over-month basis in October, following a 0.5% monthly decline in September.
Traveler accommodation prices fell less on a year-over-year basis in October (-22.9%) than in September (-26.5%). Prices for traveler accommodation traditionally decline in September and October as demand weakens following the peak summer period.
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 October CPI for Canada and the Provinces, see the Statistics Canada CPI release for October 2020.
*data not published at the provincial level.
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 November 2020 will be released on December 16, 2020.
Source: Statistics Canada. Table 18-10-0004-01, Consumer Price Index, monthly, not seasonally adjusted