Odds of a 75-bps hike from the Bank of Canada just went up, economists say inflation
“The Bank’s core CPI inflation measures were unchanged in September but, given that we expected a decline due to more favourable base effects, that probably, particularly when households near-terms inflation expectations have risen further.
Some details: Food prices have been a flashpoint in Canada and many other major economies, and there was little let-up again last month, with adjusted prices jumping 1.2 per cent month over month. Grocery prices rose 11.4 per cent, the fastest run since 1981. Besides food, strong moves in the month included a big rise in mortgage interest costs, homeowner repairs, and autos . Keep in mind that the solid adjusted rise of 0.4% on overall prices in the month was in spite of a 7.
The Bank of Canada has clearly not slayed the inflation dragon yet, and is therefore set for another large increase in interest rates of at least 50 basis points next week.”“The recent trend in the CPI monthly changes suggests that inflationary pressures are losing momentum. As such, the three-month annualized change in most CPI components is below their year-on-year changes, except for food prices, suggesting that inflationary pressures may be close to peaking.
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