Monthly CPI in Canada rose at a softer pace than expected in January.
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- Monthly CPI in Canada rose at a softer pace than expected in January.
- USD/CAD rises toward 1.3500 after soft inflation data.
Annual inflation in Canada, as measured by the Consumer Price Index (CPI), declined to 5.9% in January from 6.3% in December. This reading came in below the market expectation of 6.1%. On a monthly basis, CPI rose 05% in January, compared to analysts’ estimate of 0.7%.
Additionally, the Bank of Canada’s Core CPI, which excludes volatile food and energy prices, dropped to 5% on a yearly basis from 5.4% in December.
USD/CAD pushed higher with the initial reaction and was last seen gaining 0.22% on the day at 1.3480.
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