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Calls Grow Louder To End CPI-Common

  • CD Howe Institute, which runs a shadow monetary policy council, says it's time to "retire" the CPI-Common measure the central bank helped create with StatsCan a few years ago
  • This adds to several other private bank economists who have said the measure failed to capture the inflation surge, in particular because of lagged upward revisions
  • "Monetary policy likely stayed easy longer than it would have if the Bank had relied on something more dependable," CD Howe report says. "The opposite problem is a possibility going forward"
  • The BOC hasn't indicated it agrees with this analysis; yesterday Deputy Beaudry cited other global reasons why policymakers missed the inflation jump
MNI Ottawa Bureau | +1 613-314-9647 |
MNI Ottawa Bureau | +1 613-314-9647 |

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