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CIBC: Looking For Below Consensus Headline CPI

CANADA
  • The expected slowdown in CPI inflation from 6.7% to 6.5% Y/Y would be just a “slight” reprieve from ever accelerating inflationary pressures.
  • A marginally lower average pump price on the month should have helped partly offset further gains in food and imports goods prices emanating from the war in Ukraine, renewed supply chain issues plus reopening services.
  • CIBC expect headline inflation to keep in the same 6.5% range through Q2. Softening in house prices from higher rates to hit some components of owned accommodation costs more forcefully later in the year.

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