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Factory Price Inflation Accelerates Further

CANADA
  • Both industrial product and raw materials prices were stronger than expected in February at +3.1% M/M and +6.0% M/M respectively (consensus 2.5%, 5.5%).
  • Industrial product inflation poked above the 3.0% in Jan for the highest monthly print since 1980.
  • Oil obviously played a large role but even ex energy industrial prices were up 2.3% M/M and 13.5% Y/Y.
  • The market is so heavily geared to expecting high inflation prints that even a small beat saw GoCs rally very modestly and USDCAD pause having moved back towards session lows just beforehand, but subsequent moves especially in USDCAD have been dominated by unscheduled comments from St Louis Fed's Bullard again talking up 50bp hikes being in the mix.
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