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Rent and gas stand out as drivers of P.E.I. inflation, still nation's highest

The cost of rent has been a continuing factor for inflation on P.E.I. (Robert Jones/CBC - image credit)
The cost of rent has been a continuing factor for inflation on P.E.I. (Robert Jones/CBC - image credit)

After a couple of months of easing, the consumer price index on P.E.I. was up again in October.

The CPI fell in August and was unchanged in September, but October saw it rise 1.5 points to 160.7. The net result is an annual inflation rate of 8.7 per cent, the highest in the country for the 20th month in a row.

Consumer Price Index

The national inflation rate was 6.9 per cent in October, unchanged from September.

The other three provinces in Atlantic Canada all saw rates below eight per cent.

Rent inflation well above national average

The annual inflation rate for rent on Prince Edward Island was almost double the Canadian average.

Nationally, the rate was 4.7 per cent, well below the rate for all items. On P.E.I. the annual rate was 9.0 per cent, slightly above the overall rate of 8.7 per cent.

Homeowners on the Island had a better time of it, with shelter costs up just 4.2 per cent. Nationally the index was up 6.8 per cent.

Annual inflation by sector

Gasoline price inflation, at 23.0 per cent, was six percentage points above the national average.

Food prices were up in P.E.I. grocery stores and restaurants alike, with a 9.0 per cent increase in restaurants and 12.3 per cent for groceries. Both rates were 1.3 percentage points higher than the national average.

Nathan Denette/Canadian Press
Nathan Denette/Canadian Press

Fuel oil, with an annual inflation rate of 54.9 per cent on P.E.I., is a big contributor to the overall rate, as it is across Canada. The national rate was slightly higher, at 55.9 per cent.