Consumer Price Index Monthly

Consumer Price Index, November 2024

This monthly release of the The Consumer Price Index (CPI) for Canada, the provinces, Whitehorse and Yellowknife, provides a descriptive summary of retail price movements, inflation rates and the factors underlying them.

PEI and Canada Consumer Price Index

 

All-Items Consumer Price Index by Province

Statistics Canada reported that the year-over-year change in the All-Items Consumer Price Index (CPI) for P.E.I. was 1.8 percent in November 2024, up from 1.3 percent in October. This was the fourth highest year-over-year increase among provinces, behind Alberta (2.8%), British Columbia (2.3%), and New Brunswick (2.0%). Year-over-year prices rose at a faster pace in November than in October only in the four Atlantic provinces. The All-items index for P.E.I. as compared to October 2024 was 0.2 per cent. This compares to 1.9 percent year-over-year and no monthly change for Canada.

Leading contributors to year-over-year price increases for P.E.I. were rent (+8.5%), followed by food purchased from restaurants (+5.3%), mortgage interest cost¹, gasoline (+1.5%), and cigarettes (+5.3%). These increases were partially offset by year-over-year declines for fuel oil and other fuels (-17.8%), travel tours¹, home entertainment equipment, parts and services (-10.4%), fresh fruit (-13.8%), and homeowners' maintenance and repairs (-4.4%).

The monthly change in the All-Items CPI for PEI in November 2024 was 0.2 percent. Higher prices for fuel oil and other fuels (+6.7%), food purchased from restaurants (+1.0%), paper, plastic and aluminum foil supplies (+12.3%), gasoline (+0.9%), and bakery products (+3.4%) were mostly offset by lower prices for rent (-1.9%), telephone services (-2.4%), non-alcoholic beverages (-5.3%), women's clothing (-2.3%), and children's clothing (-4.4%).

Prices increased year-over-year in 6 of the 8 major CPI components, led by a 3.6 percent increase in health and personal care costs and a 3.3 percent increase in food prices. Prices declined for 2 of the major components. Prices increased at a slower pace in November than in October for only the food component, while prices for the other 7 components accelerated year-over-year. 

Food purchased from restaurants was up 5.3 percent year-over-year in November, up from 4.3 percent in October, while food purchased from stores increased 2.2 percent, down from a 2.9 percent increase in October. Prices for dairy products and eggs (+4.0%), bakery and cereal products excluding baby food (+2.4%), and other food products and non-alcoholic beverages (+5.2%) rose at a faster pace in November than in October, while price increases slowed for meat products (+0.1%) and vegetables and vegetable preparations (+2.2%). Prices for fish, seafood other marine products (-4.2%) and fruit, fruit preparations and nuts (-5.0%) declined on a year-over-year basis in November. 

Energy² costs decreased 2.1 percent year-over-year, up from a 6.9 percent decrease last month. Excluding energy, PEI’s CPI increased 2.2 percent year-over-year. The year-over-year increase in the All-items excluding energy index for Canada was 2.1 percent.
 

November 2024 Prince Edward Island CPI Eight Major Components and Energy

November 2024 CPI All-Items and All-Items Excluding Energy, Year-over-Year Change, Canada and Provinces

NATIONAL

Nationally, the All-Items CPI rose 1.9 percent on a year-over-year basis in November, down from a 2.0 percent increase in October. Slower price growth was broad-based, with prices for travel tours and the mortgage interest cost index contributing the most to the deceleration. Prices for food purchased from stores rose 2.6 percent in November, down from 2.7 percent in October. Gasoline prices fell to a lesser extent in November (-0.5%) compared with October (-4.0%). The smaller year-over-year decline was a result of a base-year effect as prices fell 3.5 percent month-over-month in November 2023. Shelter costs decelerated in November, increasing 4.6 percent, down from a 4.8 percent increase in October.

On a monthly basis, national CPI was unchanged in November, following a 0.4 percent increase in October.
 

For more information on the November 2024 CPI, as well as links to data tables, please refer to Statistics Canada’s release for the Consumer Price Index, November 2024.

 

Related downloads for this release:

Monthly Consumer Price Index Report PDF (87KB)

¹ Data not published at the provincial level

² The special aggregate "energy" includes: "electricity", "natural gas", ",fuel oil and other fuels", "gasoline", and "fuel, parts and accessories for recreational vehicles".

Visit the Consumer Price Index Portal to find all CPI data, publications, interactive tools, and announcements highlighting new products and upcoming changes to the CPI in one convenient location.

The CPI for December 2024 will be released on January 21, 2025.

Source: Statistics Canada.

Table 18-10-0004-01, Consumer Price Index, monthly, not seasonally adjusted