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Sept NSA CPI -0.4% m/m, +2.2% y/y, vs...>

CANADA DATA: Sept NSA CPI -0.4% m/m, +2.2% y/y, vs +0.1% and +2.7% 
expected, respectively. Monthly drop lrgst since Dec'17, led by air 
transp (-16.6%). Gas was 2nd lrgst dwnwrd contributor to m/m CPI drop 
(-1.1%). Mortg int costs remain among top pos contributrs both m/m and 
y/y. Goods CPI -0.2% m/m, services -0.5% m/m. 3Q Average CPI 2.7%, vs 
BOC's 2.5% projectn. Range of 3 y/y core BOC measures 1.9%-2.1%, dwn 
from 2.0%-2.2% in Aug. SA CPI -0.1% m/m, ex food and energy also -0.1%. 
Aug ret sales -0.1%, below +0.4% expected. Ex autos -0.4% vs +0.1% 
expected. Ex autos and gas -0.1%. Ex gas +0.1%. Declines in 7 of 11 
subsectors representing 52% of ret trade, led by gas (-2.0%). Real sales 
-0.3% vs Jul -0.2%. 

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