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Free AccessMNI BRIEF: Canada April CPI Is Faster-Than-Expected 6.8%
Inflation is fastest since 1991, StatsCan adding used car data next month.
Canada's April inflation rate was faster than expected at 6.8% on gasoline and housing, putting more pressure on the central bank for another big rate increase on June 1 following its 50bp hike last month.
The consumer price index quickened from March's 6.7% pace, which some economists predicted would be repeated today in a sign inflation was peaking. Statistics Canada said Wednesday inflation quickened on a 36% rise in gasoline and a 13% rise in a measure of housing costs. Automobile prices were also factor with a 7.5% rise, and the agency said it will add a new index for used cars in the next release. That move is a nod to U.S. evidence that a global shortage of microchips for new cars during the pandemic has pushed Canada's true inflation rate even higher.
Price gains are now just below the 6.9% mark set in 1991 when the Bank of Canada adopted inflation targets, and the next benchmark goes back to 1983 when it reached 7.3%. BOC Deputy Toni Gravelle recently said policy makers will again be raising near-term inflation forecasts after March's CPI report, and today's figures suggest the view of a Q2 average of 5.8% is indeed out of date. Investors predict the Bank will hike the 1% policy rate by 50bp at the next meeting, and Governor Tiff Macklem has said going faster would be very unusual.
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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.