Canada January CPI +2.1% y/y vs +1.6% expected

Author: Adam Button | Category: News

Canadian January inflation data

  • Prior y/y reading was +1.5%
  • CPI +0.9% vs +0.4% m/m expected
  • Prior CPI m/m was -0.2%
  • CPI Common 1.3%
  • Prior CPI Common +1.4% y/y
  • CPI Median 1.9%
  • Prior CPI Median +2.0% y/y (revised to 1.9%)
  • CPI Trim 1.7%
  • Prior CPI Trim +1.6%
Those are some very hot headline inflation numbers and they come from a handful of areas that the BOC might look past. Gasoline rose 7.4% m/m and 20.6% y/y with energy up 4.5% m/m and 12.1% y/y. It also looks like that spilled over into the transportation category, which climbed 2.8% m/m. One surprise might have been shelter, which climbed +0.4% m/m but it's still a somewhat-manageable +2.4% y/y.

Overall, I think the BOC is still inclined to look through much of the rise but there is no good reason to retain any kind of dovish bias.
By continuing to browse our site you agree to our use of cookies, revised Privacy Notice and Terms of Service. More information about cookiesClose