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Some Progress On Core CPI M/M Rates

CANADA DATA
  • The average of the median/trim fell from 0.4% to 0.2% M/M in seasonally adjusted terms in May, which helped the 3-month average dip a tenth from 3.8% to 3.7% annualized.
  • The ex food & energy category showed a similar decline, to 0.20% M/M after three months exactly at 0.34% M/M. It translated to a more notable moderation for the 3-month run rate from 4.1% to 3.6% annualized.
  • So some latest progress, but still consistent with the "running in the 3½-4% range for several months" that the BoC was keen to flag with its June hike.

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