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Canadian yoy inflation rises to 2.4% – NBC

FXStreet (Barcelona) - The Research Team at National Bank of Canada note that the year-on-year inflation rate in Canada rose four ticks to 2.4%, the highest since June.

Key Quotes

“The consumer price index rose 0.1% in October, causing the year-on-year inflation rate to rise four ticks to 2.4%, the highest since June. In seasonally adjusted terms, CPI rose 0.1%, as seven of the eight broad categories saw price increases.”

“The core CPI, which excludes eight of the most volatile items, rose 0.3%, allowing the year-on-year core inflation rate to jump to 2.3%, the highest since February 2012. In seasonally-adjusted terms, core CPI rose 0.2%.”

“Assuming seasonal patterns hold in the last two months of the year, Q4 year-on-year inflation will be 2.4% for the headline and 2.5% for the core, i.e. well above the Bank of Canada’s estimates from its latest Monetary Policy Report which were at 2.2% and 2.1% respectively. Perhaps the central bank is overestimating the amount of slack in the economy.”

“In a speech, Bank of Canada Deputy Governor Agathe Côté said that the BoC will be looking for ways to achieve its mandate of delivering low, stable and predictable inflation in an even more effective and reliable manner.”

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