Market Wire: Strong North American data releases restrain hopes for monetary policy easing
Canadian inflation stabilized last month, keeping monetary policy expectations largely unchanged. Data released by Statistics Canada this morning showed the Consumer Price Index rising 6.9 percent on a year-over-year basis in October, with the month-over-month change hitting 0.6 percent – narrowly missing consensus economic forecasts for a 0.7 percent gain. Gasoline prices leapt 9.2 percent higher month-over-month, partially reflecting a rebound in global oil benchmarks. Food price gains decelerated, but kept climbing, up 0.4 percent on the month, after rising 1.2 percent in September. Shelter costs renewed their ascent, up 0.8 percent month-over-month as higher interest rates took their toll....