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Further Progress On Inflation Breadth But Service Share Still Lags

CANADA DATA
Homepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange BulletsCanada Bank of Canada Market News
  • By our estimates, the share of the CPI basket seeing inflation in excess of the 3% upper limit in Y/Y terms fell further from 37.3% to 33.0% in April.
  • This share ended 2023 at 54.6% and is now back exactly in line with the 2019 average whilst drawing closer to the 28% averaged through 2010-19.
  • Breaking down by sector, the goods share in excess of 3% Y/Y fell for an eighth consecutive month to 27.5% (34% 2019av, 26% 2010-19av).
  • The service share meanwhile also improved, falling from 50% to 46.3% vs 63% in Dec but this remains elevated historically (31% 2019av, 31% 2010-19av) – see charts.
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  • By our estimates, the share of the CPI basket seeing inflation in excess of the 3% upper limit in Y/Y terms fell further from 37.3% to 33.0% in April.
  • This share ended 2023 at 54.6% and is now back exactly in line with the 2019 average whilst drawing closer to the 28% averaged through 2010-19.
  • Breaking down by sector, the goods share in excess of 3% Y/Y fell for an eighth consecutive month to 27.5% (34% 2019av, 26% 2010-19av).
  • The service share meanwhile also improved, falling from 50% to 46.3% vs 63% in Dec but this remains elevated historically (31% 2019av, 31% 2010-19av) – see charts.