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MNI INTERVIEW: Used Car Quality Also Matters In Canada CPI Fix

(MNI) Ottawa
OTTAWA (MNI)

Statistics Canada is adding some used car price data to inflation rate next month.

Statistics Canada will act much like any used car buyer next month when adding that product to the Consumer Price Index, looking not just at sticker prices but traits like mileage and models to ensure the inflation rate isn't thrown off by swings in the quality of vehicles on the market.

The agency is starting out with JD Power data on purchases from dealerships, in part because their figures come with those richer traits, Senior Analyst Taylor Mitchell said in a phone interview. Before, new car prices were used as a proxy for used because they moved in tandem, a relationship that frayed as the pandemic triggered shortages of microchips for new cars, putting used ones at a premium.

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Statistics Canada will act much like any used car buyer next month when adding that product to the Consumer Price Index, looking not just at sticker prices but traits like mileage and models to ensure the inflation rate isn't thrown off by swings in the quality of vehicles on the market.

The agency is starting out with JD Power data on purchases from dealerships, in part because their figures come with those richer traits, Senior Analyst Taylor Mitchell said in a phone interview. Before, new car prices were used as a proxy for used because they moved in tandem, a relationship that frayed as the pandemic triggered shortages of microchips for new cars, putting used ones at a premium.

Keep reading...Show less