Canada CPI Preview: Forecasts from six major banks, inflation likely inched up in July Canada Inflation USDCAD BOC Banks
the forecasts by the economists and researchers of six major banks regarding the upcoming Canadian inflation data.
Headline CPI is seen accelerating to 3.0% year-on-year vs. the prior release of 2.8% in June. If so, it would be the first acceleration since April but would still be within the 1-3% target range. Core median and core trim are both expected to fall from June to 3.7% YoY and 3.6% YoY, respectively. We look for CPI to firm 0.3pp to 3.1% as base effects push inflation back above the target range, while a rebound in services provides the main driver for the 0.4% MoM print.
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