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.
Canadian inflation quickened to 5.1% in January from 4.8% in December, setting another high versus a prior record set in 1991. It's the last such report the central bank sees before a March 2 interest-rate meeting that could bring the first increase since 2018.
Consumer prices rose 0.9% on a monthly basis, the most since January 2017, Statistics Canada said Wednesday. Economists predicted a 0.6% monthly gain and a 12-month pace of 4.8%.
The average of the three core CPI measures the BOC prefers was 3.2%, also the fastest since 1991. Gasoline prices rose 32% and excluding that item CPI was 4.3%. Shelter costs rose 6.2%, the most since 1990 and the cost of groceries was up 6.5%, the most since 2009.
The BOC predicts inflation averaging 5.1% this quarter and 4.7% in Q4, with Governor Tiff Macklem saying that's uncomfortably high and he will switch policy to a path of rate hikes. Inflation has now exceeded the Bank’s 1%-3% target band for 10 straight months.
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.