Canada March CPI +1.4% vs +1.0% m/m expectedLargest month-over-month gain since 1991 Prior was +1.0% m/m CPI y/y 6.7% vs 6.1% expected Prior y/y reading was +5.7% Prices rose across all eight major componentsGasoline prices +39.8% m/m Core measures y/y: Median 3.8% vs 3.5% prior Trim 4.7% vs 4.3% prior Common 2.8% vs 2.8% expected(prior was 2.7%) BOC core 5.5% vs 4.2% expected (prior was 4.8%) BOC core +1.0% m/m vs +0.5% expected The headline inflation rate is the highest in 31 years. USD/CAD fell to 1.2520 from 1.2540 on the release. The BOC had already flagged the possibility of another 50 basis point hike last week; this adds to the likelihood it will come to pass. What will be particularly worrisome to them is the broadening of pressures.
Source: Canada March CPI +1.4% vs +1.0% m/m expected (https://www.forexlive.com/news/canada-march-cpi-14-vs-10-mm-expected-20220420/)
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