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Free AccessCanada August CPI Rises To 1.4% Y/Y From 1.2% in June>
--Seasonally Adjusted August CPI M/M +0.2%, Matching June
By Courtney Tower
OTTAWA (MNI) - Canadian annual inflation rose again in August, by
two percentage points, as it had done in July, to 1.4% year-over-year
from 1.2%, while two of the three Bank of Canada measures of core
inflation also ticked up, Statistics Canada reported Friday.
The rise to 1.4% in annual CPI inflation was just slightly below
the 1.5% expected by analysts surveyed by MNI.
The Bank of Canada now sees, as hoped for, inflation rising for the
second consecutive month.
The Bank of Canada's core readings of inflation included 1.5% for
the common measure, one notch above 1.4% in July and the highest since
September 2016. CPI-median registered at 1.7%, the same as in July.
CPI-trim was at 1.4%, from 1.3% in July.
The 1.4% total CPI annual rate was the highest since 1.6% set in
April this year. The CPI index had begun this year at 2.1% in January
and at the desired 2.0% in February before dropping through June.
Seasonally adjusted, month-over-month, the CPI increased 0.2% in
August, matching the gain in July. Five of the eight major components
were up, led by transportation (+0.8%), while recreation, education and
reading (-0.2%) posted the largest decline.
For the overall 12-month unadjusted index, key August features were
that six of the eight major components rose, led by the transportation
(+2.8%) and shelter (+1.3%) indexes. The two year-over-year declines
were in clothing and footwear (-0.4%) and household operations,
furnishings and equipment (-0.2%).
More specifically, gasoline led the upward contributors to the CPI
index, with an 8.6% 12-month rise. Homeowners' replacement costs were up
4.2%, traveller accommodation up 6.3%, air transportation up 6.2%, and
food purchased at restaurants higher by 2.6%.
The main downward contributors to the 12-month CPI were electricity
(-8.9%), and women's clothing (-1.9%) and other items such as furniture,
digital computing equipment and devices, and household appliances.
For the unadjusted monthly changes in the CPI, the main upward
contributor was, again, gasoline. Others included homeowners'
replacement costs, internet access services, jewellery and passenger
vehicles insurance premiums. Main downward contributors were telephone
services (-2.8%), fresh fruit and vegetables (-4.3% and -5.0%) along
with purchases of passenger vehicles (-0.4%) and purchase of
recreational vehicles and outboard motors (-1.6%).
The NSA index for all items excluding energy rose by 1.3%
year-over-year (with a decline of -0.1% M/M). Energy rose 2.3%
year-over-year and all items excluding food and energy rose 1.5%.
Overall, goods-producing industries CPI was up 0.4% year-over-year
and services up 2.2%.
Consumer price gains accelerated year-over-year in nine of the 10
provinces while Manitoba registered the same increase as in July.
--MNI Ottawa Bureau; email: yali.ndiaye@marketnews.com
[TOPICS: MACDS$,M$C$$$]
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.