Canadian CPI Data in Center Stage in the Week Ahead - Action Forex
Canadian CPI data will be watched closely (including by Bank of Canada officials) in a week that will also include the federal government’s fall economic update and (we expect) more signs that the consumer spending backdrop is softening. Year-over-year CPI growth is expected to slow significantly to 3.1% in October (just above the top end of the BoC’s 1% to 3% inflation target range) from 3.8% in September. A drop in gasoline prices pushed energy costs lower and the lagged impact of easing supply chains and lower food commodity prices continue to slow grocery store price growth.
Canadian CPI data will be watched closely (including by Bank of Canada officials) in a week that will also include the federal government’s fall economic update and (we expect) more signs that the consumer spending backdrop is softening. Year-over-year CPI growth is expected to slow significantly to 3.1% in October (just above the top end of the BoC’s 1% to 3% inflation target range) from 3.8% in September. A drop in gasoline prices pushed energy costs lower and the lagged impact of easing supply chains and lower food commodity prices continue to slow grocery store price growth.
