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Lock-downs are hurting inflation again

Inflation Declined in Canada During December, Yet USD/CAD Continues to Fall

Posted Wednesday, January 20, 2021 by
Skerdian Meta • 1 min read

Inflation has been turning on and off in Canada during the past year. At the end of 2019 it turned negative,but resurfaced again in the beginning of 2020.That wasn’t meant to last, with the coronavirus situation which sent crude Oil diving lower and inflation turned negative again.

In summer we saw a rebound, as the global economy opened but in November the CPI (consumer price index) softened to just 0.1%, while today’s report showed a decline for December. Nonetheless, USD/CAD continues to tumble lower, as the decline in the USD stretches further.

Canada December inflation data

  • CPI MoM December -0.2% vs +0.1% expected
  • CPI MoM November was +0.1%
  • Core CPI December +1.0% excluding gasoline
  • December CPI YoY +0.7% vs +1.0% expected
  • November CPI was +1.0%

Core Inflation Measures YoY

  • Median +1.8% vs 1.9% exp (prior 1.9%)
  • Common +1.3% vs 1.5% exp (prior 1.5%)
  • Trim +1.6% vs 1.7% exp (prior 1.7%)
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