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Inflation falls below 3%, but core measures still proving “sticky”

Steve Huebl
Publication date:
July 18, 2023
Article Summary: 

Canada's headline inflation rate slowed to 2.8% in June, the lowest since March 2021 and below market expectations of 3%. Core inflation, which excludes volatile items, also slowed, but at a slower pace. The Bank of Canada's preferred measures of core inflation, CPI-median and CPI-trim, ticked down to 3.9% and 3.7%, respectively. However, the three-month annualized Median remained steady at 3.6%, and Trim accelerated to 4%. Mortgage interest costs continued to rise, contributing to inflation, with the mortgage interest cost index increasing by 30.1% year-over-year in June. Some analysts suggest headline inflation may rise above 3% in the coming months, leading to potential interest rate hikes after the summer, while others believe the Bank of Canada may remain on the sidelines to observe forthcoming data.


Canada, inflation, headline inflation, core inflation, CPI-median, CPI-trim, Bank of Canada, interest rates, mortgage interest costs, monetary policy.

Source Citation: 
Steve Huebl
Inflation falls below 3%, but core measures still proving “sticky”
July 18, 2023
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