- Prior report 5.9% (were expecting 6.1% at the time)
- CPI MoM 0.4% vs 0.5% expected.
- Prior MoM 0.5%
- food prices rose 10.6% year-over-year for the seventh consecutive month of double digit increases
- energy prices fell -0.6% year-over-year following a 5.4% increase in January. Gasoline prices fell -4.7% the first yearly decline since January 2021
Core measures
- CPI YoY core 4.7% vs 4.8% expected.
- Prior core YoY 5.0%
- CPI core MoM 0.3% vs 0.1% last month
- Median 4.9% versus a 5.0% last month
- Trim 4.8% vs 5.1% last month
- Common 6.4% vs 6.6% last month
The CPI year on year is at its lows level since April 2020.
The year-over-year deceleration in February 2023 was due to a base-year effect, for the second consecutive month, which is attributable to a steep monthly increase in prices in February 2022 which rose +1.0%.
For the full report on inflation in Canada click here
The USDCAD has moved higher after the tamer report. The move leaves key support near the 50% fo the move up from February 20 low. The price is also back above a swing area between 1.3657 to 1.3665. That area is now close risk for traders thinking the low is now in place. On the topside, the broken 38.2% comes in at 1.3700. The intraday high reached 1.36983. The 100 hour MA is at 1.37174. Those levels would be targets on more upside momentum now...
