Free Trial

Unhelpfully Sticky Core CPI

CANADA DATA
  • The average of median and trim CPI was notably stronger than expected in December, with both a strong M/M pace and upward revisions. It leaves particularly sticky 6-month annualized inflation.
  • More traditional core measures were softer in latest M/M terms although CPI xFE is still also proving problematic for the BoC in trend terms – see below.

Core CPI Latest Trends

  • Core CPI (median & trim av - BoC focus):
    % M/M: 0.39 in Dec'23 after 0.31 in Nov'23
    % 3mth ar: 3.6 in Dec'23 after 2.9 in Nov'23
    % 6mth ar: 3.8 in Dec'23 after 3.6 in Nov'23
  • CPI xFE (ex food & energy):
    % M/M: 0.2 in Dec'23 after 0.34 in Nov'23
    % 3mth ar: 3.8 in Dec'23 after 3.8 in Nov'23
    % 6mth ar: 3.7 in Dec'23 after 3.6 in Nov'23
  • CPIX (ex 8 most volatile & indirect taxes):
    % M/M: 0.13 in Dec'23 after 0.26 in Nov'23
    % 3mth ar: 2.6 in Dec'23 after 1.9 in Nov'23
    % 6mth ar: 2.5 in Dec'23 after 2.5 in Nov'23
    Source: Bloomberg, MNI

To read the full story

Close

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.