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Canada July CPI +2.5% Slowest Since March 2021

CANADA DATA
  • Canada July CPI eases beyond expectations, +2.5% YOY vs +2.6% forecast but +0.4% MOM matching forecasts. 
  • BOC Preferred Core Measures slowest since April 2021, with median +2.4% and trim at 2.7%.
  • The headline deceleration  was broad-based, stemming from lower prices for travel tours, passenger vehicles and electricity.
  • Travel tour prices led the deceleration in the all-items CPI, -2.8% YOY after +7.4% in June. 
  • Shelter inflation slowed but remained elevated +5.7% from +6.2% in June
  • Gasoline prices +1.9% YOY after +0.4% in June.

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