Rates and Statistics
Price Indexes
Effect of changes in indirect taxes on the CPI
The Bank of Canada estimates that the effect of changes to indirect taxes on the total CPI and on the subset of the CPI that excludes the eight most volatile components in December was 0.00 percentage points. Changes in gasoline taxes in PEI and furnace taxes in Saskatchewan were too small to have a national impact.
The contribution of changes in indirect taxes to year-over-year variations in the total CPI and in the core CPI in December was 0.00 percentage points and -0.01 percentage point, respectively.
The Bank of Canada's measure of core inflation excludes the eight components of the CPI basket that display the greatest volatility, as well as the effect of changes in indirect taxes on the remaining components. The latest data on core inflation will be released on the Bank's Web site at 8:30 a.m. on Wednesday, 18 January.