Canada August CPI +4.1% vs +3.9% expected

Author: Adam Button | Category: News

Canadian August 2021 consumer price index data:

Canada CPI chart
  • prior 3.7% year on year
  • CPI MoM +0.2% vs +0.6% last month. Estimate 0.1%.
  • Excluding gasoline CPI increased 3.2% year on year vs 2.8% prior
  • Gasoline +32.5% y/y
  • Full report
Core measures (YoY)
  • Median 2.6% versus 2.6% last month. Estimate 2.6%
  • Trim 3.3% versus 1.7% last month. Estimate 1.7%
  • Common 1.8% versus 3.1% last month. Estimate 3.1%
Like everywhere else, durable goods are a main driver of inflation. Here are some y/y numbers on key items:
  • Passenger vehicles +7.2%
  • Furniture +8.7%
  • Household appliances +5.3%
Services inflation has been picking up, which is what you would expect in the reopening. Prices for services rose for the fifth consecutive month and up to 2.7% y/y from 2.6%. Hotels (+19.3%) are a major reason why.

There are enough categories at high levels here to get the BOC worried, with shelter costs set t continue rising for many months.
Canada CPI components

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