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MNI BRIEF: StatsCan Trims Housing's Share Of CPI Basket


Statistics Canada is reducing the weight of shelter in the consumer price index from 29.67% to 28.22% of the basket of representative goods, part of revisions to keep up-to-date with changing spending patterns.

The shelter component saw the largest reduction among changes being applied to the next CPI report on June 27, the Ottawa-based agency said Tuesday. Transportation increased the most among the major components, from 16.16% to 16.94%.

Changes reflect an update to spending patterns in 2022 when Covid restrictions eased, StatsCan said, including a cooling of the housing market in the second half. While the housing market slowed last year as the Bank of Canada hiked rates, things have picked up again this year, prompting the central bank to end its tightening pause. (See: MNI INTERVIEW:BOC Hike Is Precursor For More- Laval U's Gordon)

MNI Ottawa Bureau | +1 613-314-9647 |
MNI Ottawa Bureau | +1 613-314-9647 |

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