Higher Food Prices Lead to an Increased Consumer Price Index

The Consumer Price Index (CPI) has risen 1.0 per cent in the past year according to new data from Statistics Canada.

According to Stats Can, prices were up in seven of the eight major components on a year-over-year basis in September, with the rise being led by higher priced food. Increases were also seen in the household operations, furnishings, and equipment index, and the shelter index.

Consumers paid 3.5 per cent more for food in September compared to the same month one year ago. Prices for food purchased from stores were up 3.9 per cent year over year in September. Prices for fresh vegetables increased more on a year-over-year basis in September (11.5 per cent) than in August (7.7 per cent).

Not surprisingly, the cost of meat also rose in September 4.4 per cent compared to the same time last year, this following a 6.3 per cent increase in August. In the 12 months to September, prices for food purchased from restaurants were up 2.7 per cent.

Consumer prices rose in eight provinces in the 12 months to September, with Saskatchewan posting the largest increase, followed by Manitoba, Alberta, and B.C. British Columbia was the sole province to show a larger year-over-year increase in its CPI in September (+1.3 per cent) than in August (+1.2 per cent). Prices for men's clothing were up 5.1 per cent in the 12 months to September, after falling 0.2 per cent the previous month. In addition, the video and audio subscription services index was up 5.0 per cent on a year-over-year basis in September, after rising 0.5 per cent the previous month.