StatsCan pulled another CPI rabbit out of its hat on Tuesday. For the first time since February 2021, inflation dipped below its 10-year average.
July headline CPI simmered down to a lukewarm 2.5% y/y pace, practically rolling out the red carpet for a 1/4-point Bank of Canada rate cut two weeks from now.
The BoC's favourite average core measure dropped to 2.55%, a touch better than expected. That means the Bank's crystal ball gazing was on point with its 2.5% Q3 average core estimate.
In other words, disinflation’s hitting its targets like a pro golfer on the back nine.
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