CPI and CPI core data in Canada for June:
- Inflation CPI in Canada for June: 2.8% year-on-year (expected: 3.0% year-on-year; previously: 3.4% year-on-year)
- Monthly inflation: 0.1% month-on-month (expected: 0.3% month-on-month; previously: 0.4% month-on-month)
- Core inflation: 3.2% year-on-year (previously: 3.7% year-on-year)
- Core monthly inflation: -0.1% month-on-month (previously: 0.4% month-on-month)
In June, the Consumer Price Index (CPI) in Canada increased by 2.8% compared to the previous year, showing a slight slowdown from the 3.4% increase in May. The deceleration was primarily driven by lower gasoline prices, although excluding gasoline, the CPI would have risen by 4.0% in June. Grocery prices and mortgage interest costs remained elevated, contributing significantly to the overall CPI increase. On a monthly basis, the CPI edged up by 0.1% in June, with travel tours putting downward pressure on the index. The transportation component experienced a decline, largely influenced by lower gasoline prices and a slower increase in passenger vehicle prices. Additionally, prices for travel tours and telecommunications services decreased, while grocery prices continued to rise. The inflation rate varied across provinces, with Prince Edward Island experiencing the lowest consumer inflation due to a significant decline in energy prices.
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USDCAD Inflation significantly lower than expected, which may indicate that the Bank of Canada (BoC) will no longer be inclined to raise interest rates. The USDCAD pair is showing a clearer return above 1.3200, H1 interval, source xStation 5
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