The Canada’s Consumer Price Index (CPI) grew by 5.7% year-on-year in February, above the 5.5% expected and the 5.1% in January. This is the highest level of inflation seen in the country for more than thirty years, specifically since 1991.
The Canadian monthly CPI increased 1% in February, slightly above the previous and estimated 0.9%. This is the largest month-on-month increase recorded since 2013.
Finally, the core inflation of the Bank of Canada has increased by 4.8% year-on-year, exceeding the previous 4.3% and the 4.5% expected, while the monthly indicator has remained at 0.8%, exceeding the 0.6% forecast by the market.
USD/CAD reaction
The USD/CAD has lost about 15 pips after the release of Canadian inflation data. The pair has dropped to 1.2687, its lowest price since last March 7th. At time of writing, the US dollar is trading against the Canadian around 1.2691, shedding 0.58% on the day.
Source: Fx Street
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
