According to the Consumer Price Index (CPI) released by Statistics Canada, consumers paid 2.3% more for goods and services in first three quarters of 2016 compared to the corresponding period in 2015.
Price decreases were recorded in the Energy category (down 2.3%), mirroring the decline in crude oil prices. Overall prices are 2.9% higher when excluding the Energy category. The decline in the Energy category limited the increases in Transportation and Shelter prices.
Noticeable increases include Household Operations, Furnishings and Equipment (up 4.5%), Alcoholic Beverages and Tobacco Products (up 3.0%), and Food (up 3.2%). Services increased by 3.2% while Goods increased by 1.6%.
Nationally, inflation growth was 1.5% in the first three quarters of 2016.
The Department of Finance's September 2016 forecast predicts inflation to average 2.5% in 2016.