Canada April consumer price index data
- Prior was +2.3% y/y
- CPI +0.3% m/m vs +0.3% m/m expected (prior +0.3%)
- Core common +1.9% vs 1.9% prior
- Core median +2.1% vs +2.1% prior (revised to 2.0%)
- Core trim +2.1% vs +2.1% expected (2.0% prior)
- Services inflation +2.3% vs 2.7% prior
- Goods inflation +2.1% v
- Ex food and energy -0.1% m/m
USD/CAD is higher on the headline with the slight miss on the year-on-year data. The core numbers were in-line with estimates but there was no acceleration in the measure. The gains in the pair were compounded by April retail sales ex autos at -0.2% vs +0.5% expected.
There was some fear of a pickup in inflation with gasoline prices rising and the jobs market tight but it hasn't materialized in any way that would give the BOC a fright. If you drill down into the numbers, it was all food and energy with food up 0.4% m/m, gasoline up 6.8% and transportation up 1.1%
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