Canada March 2020 consumer price index data
- Prior was +2.2%
- CPI m/m -0.6% vs -0.4% expected -- largest one-month decline in survey history (since 1992)
- Prior m/m reading was +0.4%
- Ex energy +1.7%
Core measures (to come)
- Median 2.0% vs 2.2% exp (prior 2.1%,)
- Common 1.7% vs 1.8% exp (prior 1.8%)
- Trim 1.8% vs 2.0% exp (prior 2.0%)
This was the fastest fall in the month-over-month reading since September 2006. The big drag, as expected, was energy prices down 11.6% y/y led by -21.2% in gasoline.
Stats agencies face a tough task in calculating the CPI in the months ahead. For instance, the price of flights is now high because of low capacity but that doesn't present a true picture of consumer spending, because almost no one is flying.
