Canada's consumer price inflation rate dropped to 0.7 % year-on-year in December, and below market expectations of 1.0% mainly due to lower air transportation prices (-14.5%) and reduced food price growth (+1.1%). Excluding gasoline, inflation was 1%, down from 1.3% in November.
Core measures y/y:
Median +1.8% vs 1.9% expected (previous 1.9%)
Common +1.3% vs 1.5% expected (previous 1.5%)
Trim +1.6% vs 1.7% expected (previous 1.7%)
USDCAD saw a relatively small reaction to today’s data releases. The currency pair continued to trade around 1.2700 level. Source: xStation5
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