The prices consumers pay in Alberta for a standard basket of goods and services—as measured by the Consumer Price Index (CPI)—rose by 1.6 per cent in October compared to the same month last year.
This is slightly lower than the national inflation rate which came in at 1.9 per cent, a report by ATB Financial’s economics and research team confirms.
Quebec posted the largest year-over-year increase in October, at 2.3 per cent, while Newfoundland and Labrador saw the smallest increase at 0.5 per cent. Calgary’s CPI rose by 1.4 per cent while Edmonton’s went up by 1.6 per cent.
If gasoline is excluded, prices rose by 2.4 per cent in Alberta compared to 2.3 per cent in the country as a whole. Gasoline prices in Alberta were down by 17.5 per cent in October compared to the year before and by 6.7 per cent nationally.
Food prices in Alberta rose the most out of the eight main spending categories, rising by 4 per cent between October 2018 and October 2019. Food purchased from stores (4.8 per cent) went up more than food purchased from restaurants (2.6 per cent).
Chicken prices rose the most at 15.6 per cent followed by beef at 11.2 per cent, but the cost of fresh veggies also climbed by 7.9 per cent.
Shelter costs in the province were up by 2.2 per cent overall with the cost of rent up 2.7 per cent compared to two per cent for the cost of maintaining owned accommodations. Property taxes were up by four per cent and electricity costs increased by 5.3 per cent.
City bus and subway transportation costs increased by 1.5 per cent while the cost of operating a private vehicle was down by 3.7 per cent because of lower gasoline prices.
Alberta’s current rate of inflation is within the Bank of Canada’s inflation-control target range of one to three per cent.