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CPI In Q3 Exceeds BoC Forecast From July

CANADA DATA
  • With headline CPI coming in at 3.8% Y/Y (cons 4.0) in September after what had been a surprisingly strong 4.0% Y/Y in August, it left CPI at an average 3.7% Y/Y in Q3 as a whole.
  • That compares with the 3.3% the BoC forecast for Q3 back in July which was then seen easing to 2.9% in Q4 (at the time revised up from 2.5) and 2.2% in 4Q24 (revised up from 2.1%).
  • The two reports since then have paved the way for sizeable near-term upward revisions to these forecasts in next week’s MPR.

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