Ottawa, - Between August 1997 and August 1998, consumers experienced an average price increase of 0.8% for the goods and services contained in the Consumer Price Index (CPI) basket. August marked the 10th consecutive month in which the CPI registered an annual movement between 0.7% and 1.1%. Rising prices for food, piped gas, tuition, cigarettes and travel tours were partially offset by decreases in gasoline and computer prices and lower mortgage interest costs.
August marked the second consecutive month in which the CPI showed no change. However, some significant offsetting price movements were apparent. Price increases for clothing and footwear, electricity, meat, air transportation and fresh fruit were countered by price decreases for fresh vegetables, gasoline and computers.
A 0.9% increase in the price of meat in August was led by higher prices for beef and chicken. The 2.1% advance in the price of beef was primarily due to a return to regular prices from promotional prices. One factor that contributed to a 1.9% rise in chicken prices between July and August was a tightening of supply. Close to seven million chickens perished this summer in the United States due to record high temperatures.
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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