CANADA CPI PREVIEW: INFLATION EXPECTED TO EASE IN JUNE AS BOC PONDERS ADDITIONAL RATE CUTS
- The Canadian Consumer Price Index is expected to lose some traction in June.
- The BoC reiterated that inflation is heading towards the target.
- The Canadian Dollar remains stuck within the 1.3600-1.3800 range vs. the US Dollar.
Canada is set to reveal the latest inflation data on Tuesday, with Statistics Canada publishing the Consumer Price Index (CPI) for June. Forecasts predict disinflationary pressures to resume in both the headline CPI and the Core CPI following May’s hiccup.
In addition to the CPI data, the Bank of Canada (BoC) will release its core Consumer Price Index, which excludes volatile components such as food and energy. As witnessed, the BoC core CPI showed a 0.6% monthly increase and a 1.8% year-on-year rise in May, while the headline print rose by 2.9% over the last twelve months and 0.6% from the previous month
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