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Canada Sep CPI Slowest Since Feb 2021 At 1.6% Vs Prior +2%

CANADA DATA
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  • Canada September CPI slowest since February 2021 at +1.6% YOY. That is below the +1.8% forecast and +2% in August. Month-on-month -0.4%, below -0.3% expected.
  • Headline deceleration was led by lower gas prices -11% YOY in September from -5.1% in August.
  • BoC Preferred Core Measures also remained lowest since early 2021 but remained steady, with median 2.3% and trim 2.4%.
  • Upward pressure persists from elevated mortgage interest costs and rent in September, +17% YOY and +8.2% respectively.
  • Food prices +2.8% YOY in September.
  • The report is the last major data before BOC's Oct 23 rate meeting where the central bank is expected to cut a fourth straight time.
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  • Canada September CPI slowest since February 2021 at +1.6% YOY. That is below the +1.8% forecast and +2% in August. Month-on-month -0.4%, below -0.3% expected.
  • Headline deceleration was led by lower gas prices -11% YOY in September from -5.1% in August.
  • BoC Preferred Core Measures also remained lowest since early 2021 but remained steady, with median 2.3% and trim 2.4%.
  • Upward pressure persists from elevated mortgage interest costs and rent in September, +17% YOY and +8.2% respectively.
  • Food prices +2.8% YOY in September.
  • The report is the last major data before BOC's Oct 23 rate meeting where the central bank is expected to cut a fourth straight time.