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Canada CPI Faster Than Expected, Core Rose For First Time In 5M

CANADA DATA
  • Canada inflation accelerated more than expected in May as CPI +2.9% YOY vs the consensus for +2.6% and +0.6% MOM vs +0.2% expected. 
  • BoC preferred core measures increased for the first time since Dec 2023, but remain within the target band. 
  • Inflation has remained below 3% so far in 2024, meeting the BoCs expectations.
  • Groceries+1.5% YOY, the first acceleration since June 2023. Month over month grocery prices +1.1%, the highest increase since Jan 2023. 
  • Basket re-weighting that increased importance of shelter did not change the headline figures. 
  • The BoC will have one more CPI report before the next interest-rate decision in July. 
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