Consumer Price Index, July, 2016, published August 19, (2002=100)

Posted by on Aug 23, 2016 in Featured | Comments Off on Consumer Price Index, July, 2016, published August 19, (2002=100)

The Consumer Price Index rose by 1.3% in July compared with July 2015, down from the annualized increase of 1.5% in June.

The CPI in July for goods was up 0.3% from a year earlier while the CPI for services rose 2.1%.

Gasoline prices in July were down 14.0% from  July 2015, after dropping 8.5% in June.  Overall, energy prices declined 7.4% between July 2015 and July 2016, following a  4.4%  annualized rate of decrease in June.  Excluding energy, the annualized Consumer Price Index rose 1.9% in July, after a year-over-year increase of 2.0% in June.

Food prices rose 1.6%  in the 12 months to July, following the 1.3% rate of annualized increase posted in June.  The cost of  food purchased from stores in the 12 months to July grew by 1.1%, up from a 0.8% increase in June.  Prices for beef and fish products contributed the most to the increase.  In contrast, the prices of fresh fruits and vegetables posted smaller year-over-year gains in July than in June.

Costs associated with shelter rose 1.6% in July over July 2015, unchanged from the rate of annualized gain in June.

Consumers paid 1.8% more for household operations, furnishings and equipment in July compared to July 2015, up from the 0.1% year-over-year decrease recorded in June.

Transportation prices decreased 0.2% in the 12 months to  July 2016,  after an annualized growth rate of 1.1% in June.  The purchase of passenger vehicles index rose 5.4% in the 12 months to July 2016 following a 5.6% increase in June.  The city bus and subway transportation index rose 2.1% in July over June.

In the 12 months to July 2016, consumer prices rose in all ten provinces.  The CPI grew the most in  Newfoundland and Labrador  (+3.4%), followed by New Brunswick (+2.5%) and British Columbia  (+2.1%).  The  lowest annualized increase occurred in Quebec (+0.2%).  Consumer prices in Ontario were 1.5% higher than in July 2015.