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Canadian inflation drops more than forecast in July

Published 08/19/2016, 08:32 AM
Updated 08/19/2016, 08:32 AM
© Reuters. Canada CPI falls more than expected in July, core inflation in line

Investing.com - Canadian inflation fell slightly more than forecast in July, according to official data released on Friday.

According to the report from Statistics Canada, June consumer price inflation (CPI) declined 0.2% from the previous month, compared to estimates for a 0.1% drop and June’s 0.2% rise.

Year-on-year, CPI advanced 1.3%, in line with consensus and compared to June’s reading of 1.5%.

Core inflation, which excludes food and energy, was flat from the previous month, in line with the consensus forecast and June’s number.

Year-on-year, core CPI advanced 2.1%, also in line with estimates and the prior month’s reading.

After the report, which was released simultaneously with retail sales, the loonie weakened. Specifically, USD/CAD traded at 1.2877, compared to 1.2836 prior to the release.

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