Producer Prices in Canada
Canada - Producer Prices
Inflation rises further in October
Consumer prices increased a seasonally-adjusted 0.49% over the previous month in October, a weaker increase than September's 0.56% rise. Looking at the details of the release, prices for food and beverages, and transport increased at a softer rate in October relative to the previous month.
Inflation edged up from 4.4% in September to 4.7% in October. October's result marked the highest inflation rate since February 2003. Annual average inflation rose to 2.7% in October (September: 2.4%). Finally, core inflation rose to 3.8% in October, from the previous month's 3.7%.
Commenting on the latest inflation reading, Royce Mendes, senior economist at CIBC World Markets, noted:
“The Bank of Canada had already penciled in a heady 4.8% average inflation rate for the fourth quarter of this year. As a result, this print shouldn’t do much to alter the thinking at the Bank of Canada. In fact, there are growing signs that some of the drivers of this spate of high inflation are leveling off.”
FocusEconomics Consensus Forecast analysts, see inflation averaging 3.2% in 2022, which is up 0.1 percentage points from the previous month’s forecast. For 2023, our panelists see inflation averaging 2.7%.
Canada - Producer Prices Data
|Inflation (PPI, annual variation in %)||-0.8||-0.2||3.1||3.9||-0.1|
5 years of economic forecasts for more than 30 economic indicators.
|Bond Yield||1.70||1.00 %||Dec 31|
|Exchange Rate||1.30||0.15 %||Jan 01|
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November 17, 2021
Consumer prices increased a seasonally-adjusted 0.49% over the previous month in October, a weaker increase than September's 0.56% rise.
November 16, 2021
Housing starts fell to 236,554 units on a seasonally-adjusted annualized rate (SAAR) basis in October according to the Canada Mortgage and Housing Corporation (CMHC), from September’s 249,922-unit reading.
November 1, 2021
In October, the IHS Markit Manufacturing Purchasing Managers’ Index (PMI) rose to 57.7 from August’s 57.0.
October 27, 2021
At its meeting on 27 October, the Bank of Canada (BoC) held its target for the overnight rate at 0.25%—its effective lower bound—in line with market analysts’ expectations.
October 20, 2021
According to the Teranet-National Bank Composite House Price Index, house price growth fell to 0.1% on a month-on-month non-seasonally-adjusted basis in September, down from August’s 1.0%.