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What is the Canadian Consumer Price Index (CPI)?

In Canada, the Consumer Price Index or CPI measures changes in the prices paid by consumers for a basket of goods and services.

Why is the CPI important?

The CPI is widely used as an indicator of the change in the general level of consumer prices or the rate of inflation. Since the purchasing power of money is affected by changes in prices, the CPI is useful to virtually all Canadians. The prices of certain CPI components can be particularly volatile.

When is CPI set to 100?

The base period, in which the all-items CPI is set to equal 100, remains 2002. For more detailed information, consult the document entitled "An Analysis of the 2023 Consumer Price Index Basket Update, Based on 2022 Expenditures".

Does CPI affect cost of living in Canada?

Depending on where you live in Canada, this can make a real difference in your cost of living. The CPI is a simple and familiar measure of price changes, or inflation. Employers use it to make cost-of-living adjustments in wages and salaries.

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