Consumer Price Index, January, 2014, published February 21

Posted by on Feb 24, 2014 in Featured | 0 comments

The Consumer Price Index rose by 1.5% in January compared with January 2013,  following a 1.2% increase in December.   

The CPI for goods increased by 1.2% in the 12 months to January while the CPI for services was up 1.8% over the same period.

Gasoline prices increased 4.6% from January 2013, after gaining 4.7% in December.  Overall, energy prices grew 4.8% between January 2013 and January 2014,
following a 4.6% increase in December.  Excluding energy, the Consumer Price Index rose 1.2% in January, after growing by 1.0% in December.

Food prices rose 1.1% in the 12 months to January, following a 1.0% increase in December.  The cost of  food purchased from stores in the 12 months to January rose 1.0% after rising 0.8% in the previous month.  Prices for food purchased from restaurants advanced 1.3% on a year-over-year basis , after growing 1.4% in December.

Costs associated with shelter rose 2.1% in January over January 2013, after
increasing 1.9% in December.  Consumers paid 4.7% more for electricity; 1.6% more in rent; and 5.4% more for homeowners’ home and mortgage insurance.   In contrast, mortgage interest costs declined by 0.6%  in the 12 months to January after falling 1.3% in the previous month.

Consumers paid 1.1% more for household operations, furnishings and equipment in January compared to January 2013 down from the annualized gain of 1.3% recorded in December.

Transportation prices gained 2.0% in the 12 months to January 2014, following a 2.1% increase in December.  Consumers paid more for gasoline in the 12 months to January.  In addition, passenger vehicle insurance premiums were 2.1% higher in January than in the same month a year earlier.  They also paid 0.9% more for the purchase of passenger vehicles, after paying 1.4%  more in December.

In the 12 months to January 2014, consumer prices rose in nine provinces.  The CPI grew the most in Prince Edward Island over January 2013 (+3.2%) followed by Alberta (+2.7%) and Manitoba (+2.6%).  The CPI in British Columbia was unchanged  from January 2013.  The CPI in Ontario was up 1.6% and in Quebec it increased 1.1% over January 2013.