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CPI Inflation Ahead

CANADA
  • CPI inflation for June hits at 0830ET along with separate input cost measures.
  • Consensus is for headline CPI to have increased from 7.7% to 8.4% Y/Y but with a particularly broad analyst range of 7.9-8.9% Y/Y. Scotia tops the survey, looking for a sizeable contribution from re-opening categories.
  • Recall that the BoC expects headline to "remain around 8% in the next few months”.
  • The three preferred core measures should be watched as always, with consensus seeing the average increase 25bps to 5.0% Y/Y, whilst we watch for yet further upward revisions.

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