Price trends: 1914 to today (2024)

Index (2002=100)

• The index value shows how much prices have changed for consumer goods and services over time. The base period, where the index value is set to 100 is currently 2002.

12-month % change

• The 12-month % change is the most commonly reported CPI figure. This calculation is used to compare price indices in a given month to price indices in the same month of the preceding year (e.g. January 2018 compared to January 2017).
• Example: CPI 12-month % change in January 2018 = ((January 2018 CPI value ÷ January 2017 CPI value) − 1) × 100 = ((131.7 ÷ 129.5) − 1) × 100 = 1.7%

1-month % change

• The 1-month % change, also referred to as the month-over-month % change, is used to compare price indices in a given month to price indices in the preceding month (e.g. November compared to October).
• Example: CPI 1-month % change in February 2018 = ((February 2018 CPI value ÷ January 2018 CPI value) − 1) × 100 = ((132.5 ÷ 131.7) − 1) × 100 = 0.6%

Annual % change

• The annual average % change is used to compare two consecutive annual average price indices.
• Example: CPI annual average % change in 2017 = ((2017 CPI value ÷ 2016 CPI value) − 1) × 100 = ((130.4 ÷ 128.4) − 1) × 100 = 1.6%

Consumer Price Index

• The Consumer Price Index (CPI) is one of the most widely used measures of inflation. The All-items CPI and its sub-aggregates can be used to calculate the price change between any 2 periods, the most commonly used calculation being the 12-month % change. Data users who rely on the CPI for indexation purposes are advised to use this indicator as it reflects actual price movements observed during a given period.
• For further information on the concepts and use of the CPI, see The Canadian Consumer Price Index Reference Paper (Catalogue number 62-553-X).

Consumer Price Index, seasonally adjusted

• The practice of seasonal adjustment is used to isolate and then remove seasonal price movements from indices (seasonal and calendar influences that normally occur at the same time, and in about the same magnitude, every year) to get a better picture of “true” or “underlying” consumer price inflation in the economy. Seasonally adjusted data are revised on a monthly basis.
• For further information, see Seasonally adjusted data - Frequently asked questions.

Measures of core inflation

• CPI-common: This core inflation measure tracks common price changes across categories in the CPI basket. It uses a statistical procedure called a factor model to detect these common variations, which helps filter out price movements that might be caused by factors specific to certain components.
• CPI-median: This core inflation measure corresponds to the price change located at the 50th percentile (in terms of the CPI basket weights) of the distribution of price changes in a given month. It helps filter out extreme price movements specific to certain components.
• CPI-trim: This core inflation measure excludes CPI components whose price changes in a given month are located in the tails of the distribution of price changes (the top and bottom 20% of the weighted monthly price changes). These excluded components can vary from month to month.
• For further information, see Consumer Price Index: The Bank of Canada's Preferred Measures of Core Inflation Methodology Document.

All-Items Consumer Price Index excluding indirect taxes

• Based on the CPI All-items index, the effect of indirect taxes (mainly sales taxes, such as HST or PST) is removed in order to show how prices have changed independent of these influences.

Consumer Price Index, annual average

• The CPI annual average index represents the average of all monthly price index values in a given calendar year (i.e., average of the 12 monthly index values from January to December). Not to be confused with the 12-month % change, which is the price change between the index value in a particular month and year and the same month in the previous year (e.g., January 2018 and January 2017).

Basket Weights

• This indicator shows the relative importance of the various goods and services in the overall CPI basket. The items in the basket are weighted according to consumer expenditure patterns. For example, Canadians spend a much larger share of their total budget on rent than milk: thus a 10% increase in rental rates will have a greater impact on the All-items CPI than a 10% increase in the price of milk.
• The CPI basket shares are normally updated on an annual basis. For further information, see An Analysis of the 2024 Consumer Price Index Basket Update, Based on 2023 Expenditures.

• To expand, or collapse, an item, click on the hierarchy node to the left of the checkbox beside the item.
• You may select up to a maximum of 26 lines to display at one time on the chart
• Example: 13 geographies (i.e., 10 provinces + 3 territories) * 2 CPI Items = 26 lines on the chart, or any combination of geographies and items that results in no more than 26 lines (e.g., 5 geographies * 5 items = 25 lines).

• Selecting a geography and item combination within the Legend box will highlight the relevant line in the chart and dim the appearance of all other lines. When a line is highlighted, hovering over the line with the cursor will generate a tool tip displaying the targeted data value. Data values will also be visible in the legend. Deselect the geography and item combination to return all lines to full visibility.

Instructions to maximize the use of this interactive tool

Choose between Consumer Price Index (CPI) indicators by selecting from the 'Select an indicator' dropdown menu at the top left hand side of the screen.

Select your calculation or index view by using the buttons above the line chart.

Choose the time period you wish to display by selecting the start and end month/year from the ‘Start date’ and ‘End date’ dropdown menu, or you can use the date slider below the chart area to select the time period.

Hover over the line chart to see the data points displayed in the legend.