Canadian November 2019 CPI data:
- Highest since May
- Prior was +1.9%
- CPI -0.1% m/m vs -0.1% expected
- Prior m/m reading was +0.3%
Energy is a big part of the story here as prices cratered in November 2018. That's kept y/y energy prices negative every year since Oct 2018. That drop is now finally running off and prices were up 1.5% y/y. Natural gas prices were also higher in November.
Core measures:
- Median 2.4% vs 2.2% exp (prior 2.2%, revised to +2.3%)
- Common 1.9% vs 1.9% exp (prior 1.9%)
- Trim 2.2% vs 2.2% exp (prior 2.1%)
The median core CPI number is the highest since 2009. Note, however, that the series wasn't published until a few years ago and those older readings were synthesized. In any case, 2.4% inflation is getting close to the level where it starts to worry the BOC and as a result, USD/CAD is at the lows of the day at 1.3143.
