Consumer Price Index, May 2014, published June 20, (2002=100)

Posted by on Jun 23, 2014 in Featured | 0 comments

The Consumer Price Index rose by 2.3% in May compared with May 2013,  following a 2.0% increase in April.   

The CPI for goods increased by 2.5% in the 12 months to May while the CPI for services  was up 2.1% over the same period.

Gasoline prices increased 6.3% from May 2013, after rising 6.6% in April.  Overall, energy prices grew 8.4% between May 2013 and May 2014, the same annualized rate of increase as experienced in April.  Excluding energy, the Consumer Price Index rose 1.7% in May, after growing by 1.4% in April.

Food prices rose 2.3% in the 12 months to May, up from the increase of 1.9% in April.  The cost of  food purchased from stores in the 12 months to May rose 2.5%,  after rising 1.7% in the previous month.  The increase was led by meat prices, up 8.0% from a year earlier following a 4.5% annualized gain in April.  Prices for food purchased from restaurants advanced 2.1% on a year-over-year basis, the same rate of year-over-year increase as reported in April.

Costs associated with shelter rose 3.4% in May over May 2013, after increasing 3.3% in April.  Consumers paid more for electricity (+7.0 %), natural gas (+21.3%), fuel oil (+12.7%) and property taxes.  The mortgage interest cost index was up 0.2% in the 12 months to May 2014 unchanged from April.

Consumers paid 1.6% more for household operations, furnishings and equipment in May compared to May 2013, after an increase of 1.0% recorded in April.

Transportation prices gained 2.7% in the 12 months to May 2014, following a 2.8% increase in April.  In addition to gasoline, consumers paid 2.0% more for the purchase of passenger vehicles, after rising 1.5%  in April.

In the 12 months to May 2014, consumer prices rose in all ten provinces.  The CPI grew the most in Ontario over May 2013 (+2.8%) followed by Manitoba and Newfoundland and Labrador, both at 2.6%.  The smallest gains in the CPI occurred in British Columbia (+1.5%) and Quebec (+1.6%).  Ontario’s  increase was mainly attributable to  natural gas prices , which were up 39.4% from a year earlier.   Gasoline prices in Ontario increased by 8.6% from May 2013 while electricity rates grew by 8.1% from a year earlier.  Meat prices in Ontario rose 9.1% from May 2013.