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Free AccessMNI DATA IMPACT:Canada CPI Ticks Up to +1.5% Y/Y; Core Down>
By Yali N'Diaye
OTTAWA (MNI) - The following are the key points from the February
data on the Canadian CPI released Friday by Statistics Canada:
- Headline unadjusted CPI rose 0.7% on the month, more than the
0.6% gain expected by analysts in a MNI survey, with all the eight major
components recording an increase. On a seasonally adjusted basis, CPI
was up 0.3% on the month, and 0.2% excluding food and energy.
- The monthly boost came in large part from gasoline prices, which
were up 1.9%, their first monthly increase since July 2018. CPI
excluding gasoline rose 0.6% on the month, the largest gain in a year.
- On a 12-month basis, however, the headline CPI remained below the
Bank of Canada's target of 2.0%, although it ticked up to 1.5% from 1.4%
in January, as the decline in gas prices was smaller: -11.9% in February
vs. -14.2% the previous month. Still, gas prices remained the top
downward contributor to the 12-month CPI. The market consensus was
+1.4%.
- CPI excluding gasoline alone rose 2.1% year-over-year, the same
pace as in January. Mortgage interest cost was the top upward
contributor, with an 8.1% 12-month gain, the largest since August 2008.
- The BOC's preferred measures of core inflation remained around
the 2.0% target in February, showing little pressure coming from
economic activity. The average was 1.8% in February, down from 1.9% in
January, with CPI-common down to 1.8% from 1.9%, while the other two
measures remained unchanged.
--MNI Ottawa Bureau; email: yali.ndiaye@marketnews.com
[TOPICS: M$C$$$,MACDS$]
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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.