Canadian CPI data for April came in above expectations, showing that inflation continues to be stickier and more persistent than originally expected. Get your marketing update from BrendanFaganFx here:
Canadian CPI data for April came in above expectations, showing that inflation continues to be stickier and more persistent than originally expected. Core inflation rose YoY by 5.7%, surpassing expectations of 5.4% and March’s print of 5.5%. The broader CPI index rose 6.8% YoY, which represents a fresh multi-decade high. The rise in inflation was fueled by rising grocery and housing expenses, with food costs soaring 9.7% from the same period last year.
With the current expectation that the central bank will raise its benchmark interest rate by another 50 basis points on June 1, traders may look to price in more hikes down the road. Deputy Gov. Toni Gravelle revealed in a speech that the current level of interest rates remains “too stimulative,” indicating that policymakers may look to hike extremely aggressively to restore price stability.
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