Consumer Price Index: OECD Groups: Services: Total for Canada
CANCPGRSE01GPM • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
0.17
Year-over-Year Change
-4.40%
Date Range
2/1/1961 - 11/1/2023
Summary
The Consumer Price Index (CPI) for Services in Canada tracks changes in the prices paid by consumers for a basket of services. This key economic indicator helps assess the rate of inflation and cost of living in Canada.
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 CPI for Services in Canada is a component of the overall Consumer Price Index, which measures the change in prices for a representative basket of consumer goods and services. The services CPI is used by economists and policymakers to monitor inflation trends and inform decisions on monetary policy and household budgets.
Methodology
The data is collected by Statistics Canada through surveys of consumer expenditures and prices.
Historical Context
The CPI for Services is closely watched by the Bank of Canada and government officials to help guide decisions on interest rates, social programs, and other economic policies.
Key Facts
- The services CPI accounts for about 60% of the overall Canadian CPI basket.
- Service prices tend to be less volatile than goods prices.
- Rising service costs can contribute to a broader increase in the cost of living.
FAQs
Q: What does this economic trend measure?
A: The Consumer Price Index for Services in Canada tracks changes in the prices paid by consumers for a basket of services, which include housing, transportation, healthcare, and other non-goods categories.
Q: Why is this trend relevant for users or analysts?
A: The services CPI is an important indicator of inflationary pressures and the overall cost of living in Canada. It helps economists and policymakers assess the state of the economy and make informed decisions.
Q: How is this data collected or calculated?
A: The data is collected by Statistics Canada through surveys of consumer expenditures and prices.
Q: How is this trend used in economic policy?
A: The CPI for Services is closely monitored by the Bank of Canada and government officials to help guide decisions on interest rates, social programs, and other economic policies aimed at managing inflation and the cost of living.
Q: Are there update delays or limitations?
A: The CPI for Services data is published monthly with a typical 1-2 month lag, so it provides timely but not real-time information on price trends.
Related Trends
Production, Sales, Work Started and Orders: Production Volume: Economic Activity: Manufacturing for Canada
PRMNTO01CAQ661N
Unit Labor Costs: Early Estimate of Quarterly Unit Labor Costs (ULC) Indicators: Unit Labor Costs: Total for Canada
ULQEUL01CAQ661S
Infra-Annual Labor Statistics: Employment Total: From 15 to 64 Years for Canada
LFEM64TTCAQ647S
Hourly Earnings: Earnings: Economic Activity: Manufacturing: Total Economy for Canada
CANHOUREAMISMEI
Infra-Annual Labor Statistics: Persons Outside the Labor Force Female: From 55 to 64 Years for Canada
LFIN55FECAM647N
Consumer Price Index: OECD Groups: Services Less Housing: Total for Canada
CANCPGRLH01GPQ
Citation
U.S. Federal Reserve, Consumer Price Index: OECD Groups: Services: Total for Canada (CANCPGRSE01GPM), retrieved from FRED.