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No Further Monthly Progress In Core CPI Moderation

CANADA DATA
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  • On a monthly basis, the average of the trim and median was marginally softer on the month after rounding at 0.27% M/M but followed slightly upward revised prior months.
  • Note though that these upward revisions didn’t impact the Y/Y rates, for once unrevised, and with some caution needed for the weighting up of the monthly series.
  • With that in mind, continued monthly underlying inflation of circa 0.3% M/M was reinforced by other measures bouncing back (ex food & energy from 0.14 to 0.34%, ex 8 most volatile & indirect taxes from 0.07 to 0.27%) despite no discernible bounce in shelter inflation.
  • Combing the various measures, it keeps the recent trend rate close to 3.5% annualized rather than showing any further moderating progress.


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  • On a monthly basis, the average of the trim and median was marginally softer on the month after rounding at 0.27% M/M but followed slightly upward revised prior months.
  • Note though that these upward revisions didn’t impact the Y/Y rates, for once unrevised, and with some caution needed for the weighting up of the monthly series.
  • With that in mind, continued monthly underlying inflation of circa 0.3% M/M was reinforced by other measures bouncing back (ex food & energy from 0.14 to 0.34%, ex 8 most volatile & indirect taxes from 0.07 to 0.27%) despite no discernible bounce in shelter inflation.
  • Combing the various measures, it keeps the recent trend rate close to 3.5% annualized rather than showing any further moderating progress.