Wednesday, May 15, 2019 - 09:29

MNI DATA IMPACT: Canada April CPI +2.0% Y/Y; +0.3% SA M/M

By Courtney Tower

WASHINGTON (MNI) - The following are the key points from the April data on Canadian CPI released Wednesday by Statistics Canada.

- Total CPI rose 0.4% on the month when analysts surveyed by MNI had expected an increase of 0.5%. Headline CPI year-over-year was +2.0%, up one notch from +1.9% in March.

- The Bank of Canada April core, NSA, was flat, the first no-growth level since December of 2018. The year-over-year BOC core was +1.5% versus +2.4% the previous month. The seasonally adjusted BOC core was +0.2% versus March +0.1%. For the Bank of Canada's three preferred measures of core inflation, CPI-trim came in at 2.0% and CPI-median at 1.9%, both below the 2.1% for each recorded in March. CPI-common was unchanged at 1.8%.

- Gasoline prices increased 10.0% on the month. Excluding gasoline, the CPI rose +2.3% year-over-year.

- Year over year, the main upward contributor to the CPI was mortgage interest costs (+8.2%) and the main downward contributor was traveller accommodation (-9.6%). Month-over-month, NSA,the main upward contributor was gasoline (+10.0%) and the main downward contributor was travel tours (-7.9%).

- Overall, seven of the eight major components were up in April, the one very slight decline being household operations,furnishings and equipment. Seasonally adjusted, month-over-month, the CPI rose +0.3% following a +0.4% rise in March.

--MNI Ottawa Bureau; tel: +1 202-371-2121; email:


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