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☆ Canada's inflation beat boosts chances of 75 bps rate hike
▼ + stars: | 2022-10-19 | by ( Julie Gordon | ) www.reuters.com time to read: +3 min

OTTAWA, Oct 19 (Reuters) - Canada's annual inflation rate edged down but exceeded forecasts in September while underlying price pressures were largely unchanged, data showed on Wednesday, amplifying calls for another hefty rate hike by the central bank next week. Inflation was 6.9%, ahead of forecasts of 6.8% and down from 7.0% in August. All three of the Bank of Canada's core measures of inflation, its preferred yardsticks for underlying inflation, were flat in September, with the average of the three matching August's upwardly revised 5.3%. The bank has hiked rates by 300 bps since March and made clear more increases are coming. But it was lower gasoline prices that edged the annual inflation rate down, while consumers paid 11.4% more for their groceries, the largest gain since August 1981.

☆ Canada's inflation beat boosts chances for 75-bp rate hike
▼ + stars: | 2022-10-19 | by ( Julie Gordon | ) www.reuters.com time to read: +2 min

Canadian inflation edged down to 6.9% in September, a notch ahead of forecasts of 6.8% and down from 7.0% in August. "So I think it keeps the Bank of Canada on track to deliver another so-called supersized hike." The Bank of Canada is widely expected to raise its policy rate at its next decision on Oct. 26. "I think that the Bank of Canada should hike by 75 (bp) next week," he added. On the month, Canada's consumer price index rose 0.1%, slightly ahead of forecasts that it would remain flat.

☆ Canada's annual inflation rate eases slightly to 6.9% on cheaper gas
▼ + stars: | 2022-10-19 | by ( Julie Gordon | ) www.reuters.com time to read: +1 min

OTTAWA, Oct 19 (Reuters) - Canada's annual inflation rate inched down to 6.9% in September, the third consecutive monthly deceleration, as lower prices at the gas pump offset another 41-year high in food costs, Statistics Canada data showed on Wednesday. The headline inflation number was a notch ahead of analyst forecasts of 6.8% but down from 7.0% in August. Excluding food and energy, prices rose 5.4% from a rise of 5.3% in August. It now stands at 3.25%On the month, Canada's consumer price index rose 0.1%, slightly ahead of forecasts that it would remain flat. The Canadian dollar was trading 0.2% lower at 1.3760 to the greenback, or 72.67 U.S. cents.

☆ Canadian economy surprises with 0.1% growth in July, August seen flat
▼ + stars: | 2022-09-29 | by ( Julie Gordon | ) www.reuters.com time to read: +2 min

A Canada Goose store in the CF Toronto Eaton Centre shopping mall in Toronto, Ontario, Canada December 13, 2021. REUTERS/Carlos Osorio/File PhotoOTTAWA, Sept 29 (Reuters) - Canadian economic activity edged up a surprise 0.1% in July, driven by strong oil sand production, while gross domestic product was most likely flat in August, Statistics Canada data showed on Thursday. Statistics Canada said growth in goods-producing industries more than offset the first decline in services-producing industries since January. Canada's agricultural sector also helped drive economic growth, with crop production up 7.2%, mainly on volumes of wheat and other grains. Register now for FREE unlimited access to Reuters.com RegisterDemand for Canadian wheat has increased since Russia's invasion of Ukraine, which Russia calls a special military operation, helping push up export volumes.

☆ Canada's economy unexpectedly grows in July, though momentum slows
▼ + stars: | 2022-09-29 | by ( Julie Gordon | ) www.reuters.com time to read: +3 min

The Canadian economy grew 0.1% in July, compared with analysts' forecast for a 0.1% decline, Statistics Canada data showed. Growth in goods-producing industries more than offset the first decrease in services-producing industries since January. "After a solid first half of the year, momentum appears to be slowing as multi-decade-high inflation and rapidly rising interest rates weigh on the economy," Benjamin Reitzes, Canadian rates and macro strategist at BMO Economics, said in a note. Hot inflation means the Bank of Canada will likely hike interest rates at its next decision in late October, but then the game may change, economists said. "The deceleration in economic momentum is why we see the Bank of Canada only hiking rates once more in October," Mendes said.

☆ Canadian inflation rate slows to 7.0%, though food prices hit 41-year high
▼ + stars: | 2022-09-20 | by ( Julie Gordon | ) www.reuters.com time to read: +2 min

The country's annual inflation rate slowed to 7.0% in August, below analyst forecasts of 7.3% and down from 7.6% in July. The deceleration was largely due to lower gasoline prices and slower gains in the shelter index, Statscan said. On the month, the consumer price index fell 0.3%, the largest decline since early in the COVID-19 pandemic. While inflation appears to be easing off peak levels, it remains far above the Bank of Canada's 2% target. The Canadian dollar was trading 0.4% lower at 1.33 per U.S. dollar, or 75.19 U.S. cents.

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