- Consumer Price Index rises 0.1% in July.
- Core inflation accelerates to 0.5%, below expectations.
- The loonie appreciates modestly across the market after the data.
The Consumer’s price index (CPI) rose 0.1% in July in Canada, in line with expectations. In June it had risen 0.3%. LThe annual rate fell from the maximum in 39 years of 8.1% to 7.6%. Was the lowest monthly rise since December 2021 and the first slowdown in the annual rate in more than a year.
The Core CPI advanced 0.5% in July, below the 0.6% market consensus and higher than June’s 0.3%. Compared to twelve months after the rise, it was 6.1%, below the expected 6.7% and lower than the 6.2% in June.
USD/CAD went from trading around 1.2900 to fall to 1.2880, but after the initial shock it was approaching 1.2900 again. At the same time, the report on building permits and housing starts for July in the US was published.
Source: Fx Street
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