Ottawa - In June, the Consumer Price Index (CPI) increased 1.0% from the same month a year earlier. June marks the ninth consecutive month in which the year-over-year change was below the annual average of 1.6% recorded in 1997.
Higher costs for food and university tuition coupled with increases in charges for natural gas, telephone services and tobacco products contributed the most to the 1.0% annual rise in the June CPI. Partially offsetting these advances were reductions in the costs of gasoline, mortgage interest and computers. The modest 0.1% increase in the June CPI was attributable to higher prices for fresh produce, meat, and women's clothing in tandem with seasonal increases in costs for traveller accommodation. Offsetting most of these advances were price declines for computers, telephone service, and men's and children's clothing. Led by an 8.4% jump in the cost of pork, meat prices rose 1.8% in June. The return to regular prices from earlier promotions and strong retail demand explained the leap in pork, ham and bacon prices. Even with the June increase, pork prices remain 7.8% lower than a year ago. Traveller accommodation rates rose 6.1% in June after advancing 14.0% in May. These increases were seasonal in nature. Since June 1997, insurance rates for homeowners and new home prices have fallen in Prince Edward Island, while most other Canadians faced higher charges for these items. Decreases in energy product prices such as electricity, fuel oil and gasoline in Prince Edward Island have also exceeded those recorded nationally. On the other hand, grocery shoppers in Prince Edward Island faced higher than average increases for beef, pork, chicken and fresh fruit.
Between May and June, Alberta registered the highest price increases (+0.6%) among provinces while at the other end of the spectrum, slight price declines occurred in Nova Scotia, New Brunswick and Ontario.
Meat Industry Insights News Service
P.O. Box 553
Northport, NY 11768
Phone: 631-757-4010
Fax: 631-757-4060
E-mail: sflanagan@sprintmail.com
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