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Canadian Inflation Holds Steady But Core Rate Drifts Down

20 Mai 2017

Nye said he expects the central bank to maintain a cautious tone in their policy announcement next week, reinforcing market expectations that a rate hike is unlikely this year. Economists surveyed by Bloomberg had forecast the index would rise 1.7 percent on the back of higher gasoline prices.

The three new measures of core inflation that the Bank of Canada set previous year remained muted.

Economists said the reports released by Statistics Canada on Friday were not likely to move the Bank of Canada off the sidelines when it meets next week.

In addition, the cost of kids' clothing was 6.2 per cent lower and women's clothes cost 2.8 per cent less in April, compared with a year earlier.

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Manitoba's retail sales also edged higher in March, rising by 0.3 per cent to $1.64 billion from $1.63 billion in February.

The annual headline inflation rate matched Statistics Canada's 1.6 per cent reading for March, but was slightly below a consensus estimate of 1.7 per cent, according to Thomson Reuters data. CPI-common stayed at 1.3 per cent last month, CPI-median decelerated to 1.6 per cent from 1.7 per cent and CPI-trim slowed to 1.3 per cent from 1.4 per cent.

Prices rose at a slower pace year-over-year in five provinces, while they were unchanged in two provinces.

Canadian retail sales rose more than expected in March, driven by increased purchases at new and used cars dealers, as well as electronics and appliance stores, data from Statistics Canada showed on Friday.

Canadian Inflation Holds Steady But Core Rate Drifts Down