Canadian August 2021 consumer price index data:
- 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.