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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.
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MNI: Canada Inflation Slows to 6.3% in Dec From 6.8% in Nov
Canada's inflation rate slowed to 6.3% in December from November's 6.8% as gasoline prices faded, the federal statistics office said Tuesday, the slowest pace in 10 months.
The consumer price index fell 0.6% on a monthly basis, the most since April 2020 in the Statistics Canada report. Both measures were less than an economist consensus for a 0.5% monthly decline and a 12-month gain of 6.4%. Gasoline prices were behind the moderation, falling 13% on the month and the 12-month gain slowing to 3% from 14%.
Core inflation rates also moderated, with the median and trim indexes preferred by the central bank both down a notch to 5% and 5.3%. Consumer prices excluding food and energy also slipped to 5.3%, though these measures all remain well above the Bank of Canada's 1%-3% target band.
This is the last major report before the Bank’s Jan. 25 rate decision and follows stronger-than-expected job growth and the Bank’s survey of firms and households showing record inflation expectations over the next year or two. Governor Tiff Macklem last month hiked the key rate a half point to 4.25%, the seventh straight move, and said going further is a more data dependent decision. Economists before today's report leaned towards a quarter-point hike, suggesting even an inflation slowdown isn't enough for a pause with CPI expected to exceed 2% until the end of next year.
The Bank's hikes from a record low 0.25% last year are restraining some parts of the economy. Mortgage interest costs jumped 18% from a year ago, the most since 1982, and the associated housing slowdown fostered a record 4.1% monthly drop in household appliance prices.
Other reports show a tight economy, including third quarter GDP growth at about a 3% annualized pace and the unemployment rate near a record low around 5%. Several provincial governments are mailing out new relief checks that make the inflation fight harder.
StatsCan also confirmed inflation rose 6.8% on an annual average basis in 2022, the most since the 10.9% incin 1982.
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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.