The Weekly Review, February 17 to 21, 2025

Canadians pay more for energy in January

The Consumer Price Index (CPI) rose 1.9% year over year in January 2025, following an increase of 1.8% in December. Excluding gasoline, the CPI rose 1.7%. In January 2025, increased energy prices, notably for gasoline and natural gas, contributed the most to the acceleration. These price increases were partly offset by continued downward pressure on prices for products affected by the goods and services tax/harmonized sales tax break introduced in December.

Source: Consumer Price Index, January 2025

Deaths from unintentional injuries steadily increase from 2000 to 2023

Unintentional injuries (accidents), which include injuries from transport accidents, falls, poisonings, drownings and fires, were the third leading cause of death in 2023, after cancer and heart disease. These accounted for 6% (20,597) of all deaths. The number of deaths from unintentional injuries has more than doubled since 2000 (8,631 deaths), representing an increase of 139%. Deaths attributed to accidental drug poisoning and accidental falls were the driving forces behind this increase.

Source: Fall and drug overdose deaths are main contributors as accidental deaths continue to increase, 2017 to 2022

Past obesity increases risk of poor health and chronic illness

The prevalence of obesity among Canadian adults has increased over time with the most recent estimates indicating that about one-third have obesity. Compared to never having obesity, respondents with a healthy weight at the time of the survey who had obesity at one point in their past had an increased risk of type 2 diabetes (3.3 times higher risk), high blood pressure (2.4 times higher risk), and poor or fair overall general health (2.0 times higher risk).

Source: Health Reports, February 2025

The number of regular Employment Insurance beneficiaries up the among recipients who last worked in business, finance and administration occupations

On a year-over-year basis, the number of regular Employment Insurance (EI) beneficiaries was up by 12,000 (+2.6%) in December 2024. On a year-over-year basis, the number of regular EI beneficiaries increased in 4 of the 10 major occupation groups in December, led by recipients who last worked in business, finance and administration occupations (+5,000; +8.9%) and natural and applied sciences and related occupations (+3,700; +11.6%). At the same time, there was a decline in the number of beneficiaries who last worked in art, culture, recreation and sport (-1,100; -7.1%). There was little change in the other major occupation groups.

Source: Employment Insurance, December 2024

Prices for energy and petroleum products post largest monthly increase since August 2023

Prices of products manufactured in Canada, as measured by the Industrial Product Price Index, rose 1.6% month over month in January 2025, driven by higher prices for energy and petroleum products. Prices for energy and petroleum products rose 7.0% month over month in January. This was the largest monthly increase for the group since August 2023 (+10.3%). The increase in January 2025 was mainly due to higher prices for refined petroleum energy products (+7.0%), especially diesel fuel (+9.4%) and finished motor gasoline (+5.4%).

Source: Industrial product and raw materials price indexes, January 2025

Tax season is upon us!

Filing taxes can be a headache, but for many, there is a reward at the end of the tunnel. Millions of Canadians across all income brackets emerge from the tax season with a refund. In addition to potential refunds, there are many benefits, credits and programs available when you do your taxes. Overall, the Canadian government paid out $43.8 billion in refunds to 19.1 million Canadians from February 8, 2024, to January 27, 2025, for an average return of $2,295.

Source: Time for taxes