Canada March consumer price index data
- Prior was +2.2%
- CPI +0.3% m/m vs +0.4% m/m expected (prior +0.6%)
- Core common +1.9% vs 1.9% prior
- Core median +2.1% vs +2.1% prior
- Core trim +2.0% vs +2.1% prior
The core measures were all expected to tick higher but instead were flat or slightly lower. The entire report is a touch on the soft side and that isn’t going to give the BOC much confidence. However, there is another inflation report before the May Bank of Canada decision.
The newspaper headlines will be about inflation rising at the fastest pace in three years but if you look at the y/y changes in the main categories, there isn’t much to get excited about. It’s all about higher energy prices filtering through.