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National: Above Consensus For Headline CPI, In Line For Core

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  • National see CPI on Tuesday as the main event of the week, expecting headline CPI to increase 0.2% M/M NSA for the year-ago rate to come down to 3.2% from 3.7% Y/Y (vs consensus of 3.1% Y/Y).
  • The drop is gasoline prices is seen as limiting the headline CPI increase.
  • Despite being a tenth above consensus for headline, they are in line with some key core figures: “The core measures preferred by the BoC should have eased, with CPI-med likely moving from 3.8% to 3.6% and CPI-trim from 3.7% to 3.6%.”
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  • National see CPI on Tuesday as the main event of the week, expecting headline CPI to increase 0.2% M/M NSA for the year-ago rate to come down to 3.2% from 3.7% Y/Y (vs consensus of 3.1% Y/Y).
  • The drop is gasoline prices is seen as limiting the headline CPI increase.
  • Despite being a tenth above consensus for headline, they are in line with some key core figures: “The core measures preferred by the BoC should have eased, with CPI-med likely moving from 3.8% to 3.6% and CPI-trim from 3.7% to 3.6%.”