According to the Consumer Price Index (CPI), consumers in Newfoundland and Labrador paid 2.0% more for goods and services in February 2024 than in February 2023. This is the lowest year-over-year inflation rate since February 2021, with the exception of 1.7% in both May and June 2023.

The inflation rate for the province reached a year-over-year high of 8.2% in June 2022, and while there have been fluctuations largely tied to energy prices, it has trended downward since. Crude oil (Brent) averaged US$83.48 in February 2024, up 1.1% in comparison to February 2023.

Prices increased in several major categories in February 2024 compared to February 2023, led again by essentials such as food, shelter and health and personal care.

• ‘Food’ prices increased by 4.5%. After reaching a peak of 11.1% in November 2022, food inflation trended downward throughout most of 2023, but remained higher than overall inflation. Food inflation in February 2024 was more pronounced in ‘Meat’ (+5.8%), followed by ‘Other food products and non-alcoholic beverages’ (+4.6%).
• ‘Shelter’ prices increased 4.3%, pushed up by both the ‘Owned accommodation’ index (+6.5%), which includes mortgage interest costs, and the ‘Rented accommodation’ index (+8.1%), which includes rent costs. Shelter price growth also remained elevated compared to other CPI categories.
• ‘Energy’ prices decreased 1.7%, mainly due to a decline in prices for ‘Fuel oil and other fuels’ (-32.5%), partly offset by gains in ‘Electricity’ (+6.5%) and ‘Gasoline’ (+1.4%).
• ‘Health and personal care’ prices increased by 6.1%, primarily driven by an increase in prices for personal care (+7.1%).

Newfoundland and Labrador’s February 2024 rate of inflation (2.0%) was lower than the inflation for Canada (2.8%). Among provinces, the highest inflation rate was in Alberta (4.2%) while the lowest was in Manitoba (0.9%).

On a year-to-date basis, consumers in Newfoundland and Labrador paid 2.2% more for goods and services in the January to February 2024 period compared to the same period last year. This increase was led by higher prices for ‘Health and personal care’ (+6.8%), ‘Food’ (+4.8%) and ‘Shelter’ (+4.8%).

Statistical Reference: For the latest in consumer price index statistics visit the Newfoundland & Labrador Statistics Agency site and check the release dates on the Statistics Canada site.