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CPI Ahead At 0830ET

CANADA
  • Following an already far stronger than expected labour report since the BoC’s conditional pause last month, the median Bloomberg estimate sees headline CPI easing 0.2pts to 6.1% Y/Y with 3 of 17 holding steady (CIBC, Citi and Capital Economics).
  • The bulk between 6.0-6.3% Y/Y is relatively tight compared to recent months although JPM, which sit as top forecaster, see 5.8%.
  • The smaller survey sees the average of median and trim dip another 0.1pt to 5.05% Y/Y.
  • On these preferred core series, Scotia note StatCan will also publish index levels rather than just Y/Y rates. Previously an available but unpublished breakdown of 55 items allowed these to be calculated but this should add a level of transparency to latest M/M changes.

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