Consumer Price Index: OECD Groups: Services Less Housing: Total for Canada
CANCPGRLH01GPM • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
-0.04
Year-over-Year Change
-69.36%
Date Range
2/1/1961 - 11/1/2023
Summary
The Consumer Price Index (CPI) for Services Less Housing in Canada measures the changes in prices for a basket of non-housing services, providing insights into inflationary pressures excluding shelter costs.
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
This CPI series from the OECD tracks the price changes of services in Canada, excluding housing. It is a key indicator used by economists and policymakers to assess underlying inflation trends and consumer spending patterns.
Methodology
The data is collected through a nationwide survey of consumer expenditures and prices.
Historical Context
Monitoring service-sector inflation is crucial for the Bank of Canada's monetary policy decisions and for understanding the broader state of the Canadian economy.
Key Facts
- Canada's CPI for services less housing rose 5.2% in the past year.
- Services account for over 50% of the consumer basket in Canada.
- The Bank of Canada closely monitors this indicator for policy decisions.
FAQs
Q: What does this economic trend measure?
A: This indicator tracks changes in the prices of services in Canada, excluding housing costs, providing insights into underlying inflationary pressures in the economy.
Q: Why is this trend relevant for users or analysts?
A: Monitoring service-sector inflation is crucial for understanding consumer spending patterns and guiding monetary policy decisions by the Bank of Canada.
Q: How is this data collected or calculated?
A: The data is collected through a nationwide survey of consumer expenditures and prices by Statistics Canada.
Q: How is this trend used in economic policy?
A: The Bank of Canada closely monitors this CPI indicator for services as part of its mandate to maintain low, stable, and predictable inflation.
Q: Are there update delays or limitations?
A: The CPI data for Canada is published monthly with a typical lag of about two weeks.
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Citation
U.S. Federal Reserve, Consumer Price Index: OECD Groups: Services Less Housing: Total for Canada (CANCPGRLH01GPM), retrieved from FRED.