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Headline CPI Beats But Core Measures In Line

CANADA DATA
  • Headline CPI inflation was clearly stronger than expected in April, rising 0.7% M/M NSA (cons 0.5) for 4.4% Y/Y (cons 4.1) after 4.3% Y/Y.
  • Importantly though, the average of the trim and median measures were in line, falling to 4.2% Y/Y after a marginally downward revised 4.45% in March (prior 4.5%) courtesy of the median.
  • The more traditional core measure of ex food & energy also saw a modest deceleration from 4.5% to 4.4% Y/Y, still the softest since Feb’22.

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