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Study: Consumer prices, the year in review

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The Daily


Thursday, June 26, 2008
2007

The Consumer Price Index (CPI) is the most widely used indicator of price change for goods and services purchased by Canadian consumers. The CPI series for a given month is usually published in the third week of the following month. However, it is common practice to look back over the previous year and provide an analysis on consumer price change.

The study, "Consumer prices: The year 2007 in review," published today in the Analysis in Brief series, focuses on the 2007 year-end review of the CPI. It shows that the rate of increase of the CPI was 2.2% in 2007, marginally faster than the average of 2.0% a year earlier. Of the eight major components in the CPI basket, price increases were driven up last year by two of life's basic necessities, food and shelter. Although consumer prices increased at a faster pace last year in Canada, the rate of increase was lower than in most industrialized nations.

Definitions, data sources and methods: survey number 2301.

The analytical article "Consumer prices: The year 2007 in review" is now available online as part of the Analysis in Brief (11-621-MWE2008074, free) series from the Publications module of our website.

To enquire about the concepts, methods or data quality of the release, contact Alan Chaffe (613-951-6733, alan.chaffe@statcan.gc.ca), Prices Division.