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Canada June CPI Slows More Than Expected Before July Rate Meet

CANADA DATA
  • Canada CPI slowed more than expected in June with YOY +2.7% vs forecast +2.8%, and -0.1% MOM vs forecast +0.1%. 
  • BoC preferred core median CPI +2.6% in June, the same rate as April, which was the lowest since June 2021. Core trim CPI was unchanged from May at +2.9%.
  • The YOY headline deceleration was led by slower gasoline prices. Prices +0.4% YOY in June after +5.6% in May; excluding gasoline CPI was +2.8%.
  • Durable goods prices -1.8% YOY, the fourth consecutive decrease for this category. 
  • Q2 average CPI +2.8%, which is below the BoC projection for +2.9%.
  • The June release is the last CPI report and major release before the next interest-rate decision on the 24th of July. 
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