The inflation report from Canada was released a while ago. As coronavirus spread in North America last month, the shut-down followed, which has been hurting the economy enormously. Last week’s unemployment claims report showed a record increase, surpassing that of the US, adjusted for the population of Canada.

Inflation was expected to turn negative in March for the first time since November last year and it did. But the decline was bigger than expected; in fact, this was the biggest decline in record, since they started in 1992. Below is the CPI report for March:

Canada March 2020 Consumer Price Index Report

• March CPI YoY +0.9% vs +1.1% expected
• February CPI stood +2.2%
• CPI  MoM -0.6% vs -0.4% expected — largest one-month decline in survey history (since 1992)
• February CPI Mom Stood at +0.4%
• March core CPI excluding energy at +1.7%

Core CPI Measures YoY

•    Median CPI YoY 2.0% vs 2.2% exp (prior 2.1%,)
•    Common CPI YoY 1.7% vs 1.8% exp (prior 1.8%)
•    Trimmed mean CPI YoY 1.8% vs 2.0% exp (prior 2.0%)