Consumer Price Index: Health (COICOP 06): Total for Canada
CANCP060000GPM • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
0.17
Year-over-Year Change
-67.90%
Date Range
1/1/2015 - 11/1/2023
Summary
The Consumer Price Index: Health (COICOP 06): Total for Canada measures changes in the prices of healthcare goods and services in Canada. This metric is a key indicator of inflationary trends and a critical data point for policymakers and economists.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The Consumer Price Index: Health (COICOP 06): Total for Canada tracks price changes across a basket of healthcare-related products and services, including medical care, prescription drugs, and hospital services. This index helps provide insight into broader inflationary pressures and can inform healthcare policy decisions.
Methodology
The data is collected through surveys of Canadian households and businesses by Statistics Canada.
Historical Context
The Consumer Price Index: Health is used by the Bank of Canada and other policymakers to monitor and respond to changes in the cost of healthcare.
Key Facts
- The index uses 2002 as its base year.
- Healthcare costs account for approximately 5% of the total Canadian CPI basket.
- The index has shown steady annual increases of around 2-3% in recent years.
FAQs
Q: What does this economic trend measure?
A: The Consumer Price Index: Health (COICOP 06): Total for Canada measures changes in the prices of healthcare goods and services consumed by Canadian households.
Q: Why is this trend relevant for users or analysts?
A: This index provides insight into inflationary pressures in the healthcare sector, which is a critical component of the overall economy and a key focus area for policymakers.
Q: How is this data collected or calculated?
A: The data is collected through surveys of Canadian households and businesses conducted by Statistics Canada.
Q: How is this trend used in economic policy?
A: The Consumer Price Index: Health is used by the Bank of Canada and other policymakers to monitor and respond to changes in the cost of healthcare, which can inform policy decisions.
Q: Are there update delays or limitations?
A: The index is published monthly by Statistics Canada with a typical 1-2 month delay.
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Citation
U.S. Federal Reserve, Consumer Price Index: Health (COICOP 06): Total for Canada (CANCP060000GPM), retrieved from FRED.