Consumer Price Index July 2009

Consumer prices fell 0.9% in July 2009 compared with July 2008, following a 0.3% decrease in June.

The decrease was due primarily to a 12-month decline of 23.4% in prices for energy products, particularly gasoline.

The all-items Consumer Price Index (CPI) excluding energy rose 1.8% in the 12 months to July.

Nationally, gasoline prices fell 28.3% between July 2008 and July 2009, following a 12-month decline of 24.3% in June.

Regular unleaded gasoline prices at self-service stations averaged 97.4 cents per litre in July 2009 compared with a record high of 136.6 cents per litre in July 2008.

Of the eight major components in the CPI, three recorded declines in the 12 months to July: transportation; shelter; and clothing and footwear. The most significant downward contributor was transportation, which includes lower prices for both gasoline and purchasing passenger vehicles.

In the shelter component, prices fell for natural gas, fuel oil and other fuels and homeowner’s replacement costs, continuing a downward trend.

The primary upward pressure on consumer prices came from food, which increased 5.0% between July 2008 and July 2009.

Seasonally adjusted monthly CPI declines
On a seasonally adjusted monthly basis, the CPI fell 0.3% from June to July, after increasing 0.3% from May to June. July’s decline was due primarily to a 1.6% drop in the transportation cost index. A monthly decrease in prices for gasoline in July compared with June largely accounted for the decline.

12-month change: Continuing declines in shelter and transportation costs
12-month change in the Bank of Canada’s core index
The Bank of Canada’s core index advanced 1.8% over the 12 months to July, following a 1.9% rise posted in June.

The seasonally adjusted monthly core index posted no change from June to July, after increasing 0.2% from May to June.

You can find more details of this release at: http://www.statcan.gc.ca/daily-quotidien/090819/dq090819a-eng.htm

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