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Apr 20 - 10:55 AM

CAD: March CPI: Warrant Another 50bp Hike At Next BoC Meeting - CIBC

By eFXdata  —  Apr 20 - 09:08 AM

CIBC Research discusses its reaction to today's Canada CPI print for the month of March. 

"Another month, another sharp acceleration in Canadian inflation. Headline CPI surged 1.4% in March to hit 6.7% year-over-year, with both readings coming in well ahead of the consensus forecast (+1.0% m/m, 6.1% y/y).  While the usual suspects of energy, food and shelter costs were key drivers, there was widespread inflationary pressure in other areas as well. Excluding food/energy, prices rose by a seasonally adjusted 0.6% on the month, while the average of the Bank of Canada's three core inflation measures rose from 3.5% to 3.8%," CIBC notes. 

"Judging from the Bank of Canada's quarterly average MPR projections, today's reading was also higher than policymakers would have been expecting and as such could warrant another 50bp hike at the next meeting," CIBC adds.

Source:
CIBC Research/Market Commentary

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