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Page added on November 21, 2014
Canadian Inflation Spikes As Natural Gas, Meat Prices Soar
The country’s annual inflation rate climbed higher than economists’ expectations last month, accelerating to 2.4 per cent, Statistics Canada said Friday.
The October increase follows a 2.0 per cent rise in September.
The federal agency says the consumer price index climbed as prices rose in all of the categories it tracks in the 12 months leading up to October, with both food and shelter costs adding 2.8 per cent to lead the way.
Looking at specific goods, the report says the climbing year-over-year prices of natural gas at 20.1 per cent, cigarettes at 11.5 per cent and meat at 12.4 per cent were among the biggest contributors to the increase.
Some of the biggest price decreases on goods included video equipment at 8.4 per cent, digital computing equipment and devices at 5.5 per cent and furniture at 2.9 per cent.
Prices rose in every province compared to the previous year — with Alberta posting the biggest increase at 3.0 per cent, followed by Ontario at 2.8 per cent. British Columbia saw the smallest gain in prices among the provinces at 1.1 per cent.
On a seasonally adjusted monthly basis, Canada’s cost of living was up 0.1 per cent in October following an increase of 0.2 per cent the previous month.
The core measure, a figure that excludes some volatile items from the food and energy categories, rose 2.3 per cent in October compared with a year ago after a 2.1 per cent increase in September.
Economists had anticipated the readings for both total and core inflation for October to rise 2.1 per cent, according to Thomson Reuters.
Core inflation is followed closely by the Bank of Canada, which aims to keep it as close to its optimal two per cent target as possible.
In its October monetary policy report, the Bank of Canada indicated core inflation had climbed more quickly than expected since July, though it had remained close to its mandated bulls eye.
At the time, the central bank described the underlying inflationary pressures as “muted” due, in part, to the still-competitive retail sector.
The bank predicted both the core and headline Consumer Price Index to stay near the two per cent zone for a sustained period, despite risks including stronger private demand from the U.S., continued disappointment in worldwide growth, beefed-up household spending in Canada and lower oil prices.
8 Comments on "Canadian Inflation Spikes As Natural Gas, Meat Prices Soar"
ghung on Fri, 21st Nov 2014 2:25 pm
Wow, Canada actually includes food and energy in their inflation reports? Imagine that. Seems sort of,, transparent.
Plantagenet on Fri, 21st Nov 2014 2:42 pm
I wonder why Canada’s inflation rate is spiking while the US government says the US doesn’t have any inflation, even though the same prices hikes are occurring in the USA?
Could it be the US government is incompetent? lying? hiding the true rate of inflation? All of the above?
Makati1 on Fri, 21st Nov 2014 10:19 pm
As if any government statistic is real … but the inclusion of two necessities is different than that of their southern neighbor. As you said, ghung. All of the above Plantagenet. Inflation is everywhere and a lot higher than is published in some countries. Ps inflation is running about 4.4% annually.
“In Philippines, the most important categories in the Consumer Price Index are: food and non-alcoholic beverages (39 percent of total weight); housing, water, electricity, gas and other fuels (22 percent) and transport (8 percent). The index also includes health (3 percent), education (3 percent), clothing and footwear (3 percent), communication (2 percent) and recreation and culture (2 percent). Alcoholic beverages, tobacco, furnishing, household equipment, restaurants and other goods and services account for the remaining 15 percent. This page provides – Philippines Inflation Rate – actual values, historical data, forecast, chart, statistics, economic calendar and news. Content for – Philippines Inflation Rate – was last refreshed on Saturday, November 22, 2014.”
http://www.tradingeconomics.com/philippines/inflation-cpi
GregT on Fri, 21st Nov 2014 10:49 pm
Plant,
Don’t kid yourself, the Canadian government is manipulating the numbers just like the US government is. Just be thankful that you have a great leader, Stephen Harper has turned out to be an incompetent disappointment.
Makati1 on Sat, 22nd Nov 2014 7:00 am
Plant, what country do you live in? GregT said you had a great leader. I don’t know of many these days. He certainly couldn’t mean Obamination could he?
paulo1 on Sat, 22nd Nov 2014 9:04 am
From western Canada…
My grown kids have really noticed the increased prices. They work full-time and have to squeeze grocery shopping into busy days which doesn’t leave time for cruising for specials and using a coupon for everything. My wife and I cry about the cheese prices that have really skyrocketed, and we can afford it.
We have a freezer full of elk, one of fish and chicken, and one of vegetables. It costs approx. $5.00/month to run each freezer and as they empty we shut one down at a time until finally only one is operational, (just in time for fresh vegetables and the start of the July salmon runs.) I can cases of salmon for my daughter and also smoke a bunch for her. My son raids the elk freezer.
When we do go shopping we notice that few shoppers use a list and many buy pre-prepared foods and deli stuff. When we were kids I didn’t know what a deli was and never had anything from them until I was in my late thirties. My folks bought day old bread and we had gardens, etc. When the bread got stale they would make ‘rusks’ out of them. I always put deer in their freezer. There are ways to eat very well and do so at about 1/2 the price that people spend and assume is normal. With judicious use of rice, pasta, home grown garlic and spices, and a reduction of meat in main meals a family can eat very well on limited funds. Hot peppers are great. We grow super chilies which are really nice….Goldilocks temp. Throw one of those in a pasta dish and you can’t beat it.
Mike999 on Sun, 23rd Nov 2014 3:45 pm
Wait a second, Canada includes food an energy and their inflation rate is ONLY 2.4%, how does that justify conspiracy of US number, you didn’t even crack 5% inflation.
In other words more Incompetent Economic analysis from High School Dropouts, the Republican Party.
Mike999 on Sun, 23rd Nov 2014 3:57 pm
And don’t you RepublaNuts complain about meat prices rising, you’re the dropouts that can’t get climate change right.
So don’t complain when drought wipes out your meat. That’s called KARMA.
Here’s were you get the US CPI data,
I’m sure you Repubs are just too lazy to do an actual google search:
http://www.bls.gov/news.release/cpi.toc.htm