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Free AccessMNI 5 THINGS: Canada June CPI +2.5%, Above Expectations>
By Courtney Tower
OTTAWA (MNI) - The following are the key points from the June data
on Canadian inflation published Friday by Statistics Canada:
- Inflation rose in June to 2.5% on an annual basis from 2.2% in
May, by more than the 2.3% analysts had expected. Inflation followed a
year of gradual increases, reflecting price rises for gasoline and food
purchased from restaurants. There were offsetting factors such as lower
price inflation for electricity and telephone services. The price of
goods (+2.7%) led the increase, while services gained 2.2% on the year.
CPI increased 2.3% the second quarter of this year, the highest level
since the same 2.3% in the first quarter of 2012. On a monthly basis,
CPI rose 0.1% in June. Analysts surveyed by MNI had a flat performance.
Both goods and services increased by 0.1% in June from May, not
seasonally adjusted.
- The Bank of Canada's three preferred measures of core inflation
stayed very near the 2.0% target, with CPI-common remaining unchanged
from May at 1.9% and CPI-median also unchanged at 2.0%. CPI-Trim rose to
2.0% from 1.9%.
- Seven of the eight major components increased, with the
transportation index (+6.6%) being the largest contributor. Within
transportation, gasoline prices rose 24.6% on the year, the largest
increase since June 2011. The household operations, furnishings and
equipment index (-0.1%) was the only major component to decline.
- Energy costs were 12.4% higher year-over-year, gaining from
+11.6% in May. Apart from gasoline, fuel oil and other fuels (+25.9%)
also rose, on "sustained increases in crude oil prices sand exchange
rate pressures," the agency said. Prices for durable goods rose 0.6%
year-over-year, on growth in purchases of passenger vehicles (+1.8%).
For services, year-over-year gains of 2.2% in June were lower than May's
2.3%.
- The seasonally adjusted monthly CPI increase of 0.1% matched the
increase in May. Six of the eight major components increased, while
there were declines for household operations, furnishings and equipment
(-0.3%) and recreation, education and reading (-0.6%). The index was up
0.2% excluding food and energy.
--MNI Ottawa Bureau; email: yali.ndiaye@marketnews.com
[TOPICS: MACDS$,M$C$$$]
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.