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CAD: Canadian Inflation Print Bang On BoC's 2% - CIBC
First appeared on eFXplus on Nov 20 - 08:52 AM

CIBC Research discusses its reaction to today's Canadian inflation print for the month of October. 

"If there's one thing that isn't keeping Governor Poloz up at night, it's inflation which again came in on both the headline and core measures almost bang on the Bank of Canada's 2% target. In line with consensus expectations, the headline consumer price index advanced 0.3% NSA MoM, leaving total inflation running at 1.9% for the third month in a row, after tracking 2.0% for the two months before that. The Bank of Canada's three core measures are also still averaging just a hair above 2%, with the core-common component indicator coming in at 1.9%. Heading into the turn of the year, the lapping of weak gasoline prices from a year ago could see headline inflation accelerate a bit, but that shouldn't have many implications for underlying price pressures," CIBC notes. 

"As a result, the Bank of Canada will be more attuned to growth indicators rather than any wiggles in inflation when determining whether a rate cut is warranted in the months to come," CIBC adds. 

CIBC Research/Market Commentary


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