VANCOUVER, BC, Mar. 30, 2013/ Troy Media/ – The extended down drift of general B.C. consumer prices since last April took an abrupt turn in February as a rebound in gasoline and higher vehicle prices fuelled stronger inflationary pressure.
B.C.’s consumer price index (CPI) rose 0.9 per cent from the same-month in 2012, which marked a six-month high following an annual inflation trend of less than 0.5 per cent during the previous three months.
On a month-to-month basis, the CPI rose 0.8 per cent on a seasonally-adjusted basis – the sharpest one-month uptick since the introduction of the HST in July 2010. Transportation was the primary driver of the upshift in annual inflation.
Gasoline prices increased 5.5 per cent relative to the same-month in 2012, while prices associated with the purchase and lease of vehicles were up 2.5 per cent. On a month-to-month basis, gasoline rebounded more than 8 per cent following cheaper prices over the past three months. Above average annual growth was also recorded in food prices, particularly produce and dairy goods.
Despite February’s uptick, overall inflation remains at a subdued level and tempered by year-over-year declines in shelter-related prices, particularly natural gas, as well as clothing and health-product prices.
Average full-year inflation is forecast to reach 1.2 per cent this year as price levels edge higher. While the switch back to the PST is expected to causing a one-time drop of about 0.3 per cent in the CPI, the tax impact will be offset by global-economy led gain in food and energy prices.
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