Canadian January inflation data
– Prior y/y reading was +1.5%
– CPI +0.9% vs +0.4% m/m expected
– Prior CPI m/m was -0.2%
– CPI Common 1.3%
– Prior CPI Common +1.4% y/y
Those are some very hot headline inflation numbers and they come from a handful of areas that the BOC might look past. Gasoline rose 7.4% m/m and 20.6% y/y with energy up 4.5% m/m and 12.1% y/y. It also looks like that spilled over into the transportation category, which climbed 2.8% m/m. One surprise might have been shelter, which climbed +0.4% m/m but it’s still a somewhat-manageable +2.4% y/y.
