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CIBC Ahead Of CPI: Further Core Moderation

CANADA
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  • CIBC: Headline to increase 0.7% M/M (NSA) and 2.9% Y/Y in March.
  • “The monthly increase in seasonally adjusted prices excluding food/energy may have also perked up (to 0.3% m/m) if clothing and internet prices fail to provide the same drag as in the prior two months.”
  • “The BoC’s trim and median measures of inflation won’t be as impacted by swings in those previous volatile elements, and as such should continue to show decelerating trends. We expect CPI-median to tick down slightly on a Y/Y basis, and for both measures to be tracking at or even slightly below 2% on a 3-month annualized basis.”
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  • CIBC: Headline to increase 0.7% M/M (NSA) and 2.9% Y/Y in March.
  • “The monthly increase in seasonally adjusted prices excluding food/energy may have also perked up (to 0.3% m/m) if clothing and internet prices fail to provide the same drag as in the prior two months.”
  • “The BoC’s trim and median measures of inflation won’t be as impacted by swings in those previous volatile elements, and as such should continue to show decelerating trends. We expect CPI-median to tick down slightly on a Y/Y basis, and for both measures to be tracking at or even slightly below 2% on a 3-month annualized basis.”