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CPI for September is down a little from August

Stats Canada published the Consumer Price Index for September is at 3.4% which is a 0.1% drop (in increase) from August’s numbers.

A full explanation from Stats Canada says:

The CPI excluding gasoline increased 2.2% in the 12 months to September; stripping away all energy components, the CPI advanced 1.9%.

Of the eight major components of the CPI, shelter costs remained the primary contributor to the 12-month increase in consumer prices in September. Food costs replaced transportation as the second leading contributor. Transportation costs, now third, continued to be buoyed by higher gasoline prices, although lower prices for vehicles have had a moderating effect.

Increasing costs for mortgage interest, natural gas and fuel oil and other fuels continued to propel costs for shelter. Nearly all food items registered price increases, but bread and cereal products, fresh fruit and vegetables and dairy products contributed significantly to higher food prices in September.

So if you are to believe the numbers inflation without oil isn’t too bad, but with oil prices added things are not quite so good. Given the free fall in the price of gasoline and oil, will we start seeing a big drop in Inflation, or even Deflation soon? Good question.

Consumer Price Index and major components
Relative importance September 2007 September 2008 September 2007 to September 2008
Unadjusted % change
All-items 100.00 111.9 115.7 3.4
Food 17.04 110.9 117.1 5.6
Shelter 26.62 117.8 123.1 4.5
Household operations and furnishings 11.10 103.7 105.6 1.8
Clothing and footwear 5.36 97.4 96.1 -1.3
Transportation 19.88 116.9 122.4 4.7
Health and personal care 4.73 107.6 109.4 1.7
Recreation, education and reading 12.20 103.4 103.9 0.5
Alcoholic beverages and tobacco products 3.07 126.6 128.0 1.1
All-items (1992=100) 133.2 137.7 3.4
Special aggregates
Goods 48.78 107.8 111.5 3.4
Services 51.22 115.9 119.8 3.4
All-items excluding food and energy 73.57 109.7 110.8 1.0
Energy 9.38 136.6 161.5 18.2
Core CPI 82.71 110.5 112.4 1.7
1. 2005 CPI basket weights at April 2007 prices, Canada, effective May 2007. Detailed weights are available under the Documentation section of survey 2301 at (
2. Figures may not add to 100% due to rounding.
3. The measure of Core Consumer Price Index (CPI ) excludes from the all-items CPI the effect of changes in indirect taxes and eight of the most volatile components identified by the Bank of Canada: fruit, fruit preparations and nuts; vegetables and vegetable preparations; mortgage interest cost; natural gas; fuel oil and other fuel; gasoline; inter-city transportation; and tobacco products and smokers’ supplies. For additional information on Core CPI, please consult the Bank of Canada website (

Black Friday for Stocks?

Futures for all American indexes are way down and it looks like another Black sell off Friday ahead for investors. More bargains to be had, but for those holding stocks, more money going out the window, for now.

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