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Free AccessMNI DATA BRIEF: Canada CPI Slows, But Still Above BOC Target
Canada's June CPI 3.1% vs May 3.6%, Expected 3.2%
Canada's inflation rate slowed to 3.1% in June from 3.6% in May as the lift from comparisons to last year's pandemic-induced price reductions faded, though leaving gains above the central bank's target range for a third month.
The CPI gained 0.3% on a monthly basis. Economists predicted prices to rise 0.5% on the month and 3.2% from a year earlier. The report is the first to reflect weightings based on spending patterns in 2020 during the pandemic, raising the profile of housing and curbing transportation, and a Statistics Canada official told MNI the changed weights had no impact on the year-over-year inflation rate.
The BOC raised its inflation forecasts earlier this month and affirmed guidance for a rate increase in the second half of next year when CPI stabilizes around its 2% target. The Bank of Canada expects CPI to average 3.4% in Q2, 3.9% in Q3 and 3.5% in Q4.
Source: StatsCan
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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.