Market Wire: Canadian Price Growth Weakens, But Core Inflation Remains Stubbornly Elevated
Headline Canadian inflation slowed last month, but underlying price indicators rose by more than forecast, raising monetary policy expectations for the months ahead. Data released by Statistics Canada this morning showed the Consumer Price Index rising 6.8 percent on a year-over-year basis in October, with the month-over-month change hitting 0.1 percent – narrowly exceeding consensus economic forecasts for a flat print. Gasoline prices tumbled -3.6 percent month-over-month while food prices underwent their typical November acceleration, climbing 1.2 percent. Shelter costs kept climbing, up 0.6 percent month-over-month as higher interest rates took their toll. Mortgage interest costs increased on a year-over-year...