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IPPI Inflation Adds Some Disinflationary Pressure In October

CANADA DATA
  • IPPI inflation printed notably softer than expected in October at -1.0% (cons 0.0%).
  • It was led by a heavy -5.7% decline in energy & petroleum products.
  • IPPI ex energy & petroleum fell -0.3% M/M after a slightly downward revised -0.1% (initial 0.0), marking the largest decline for an October since 2015 (IPPI data all non-seasonally adjusted).
  • It saw IPPI ex energy & petroleum say back into negative territory at -0.4% Y/Y, having troughed in Y/Y terms with -1.0% back in May.

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