Canada's inflation rate slowed more than expected in February to its lowest level in 13 months, data showed on Tuesday, backing up the central bank's plans to hold off on further interest rates hikes.
have put a spotlight on stresses in the global banking sector that central banks must consider when setting policy.
"In an environment where policymakers are able to ring-fence some of the financial contagion and we go back to an environment where we're just looking at the fundamentals, this sort of CPI print is consistent with the BOC staying at 4.5% for all of 2023," said Andrew Kelvin, chief Canada strategist at TD Securities.
"Overall, the Bank's pause looks prudent, and we expect them to stay at current levels for quite some time, barring a major flare-up in the banking turmoil," said Doug Porter, chief economist at BMO Capital Markets. Month over month, the consumer price index was up 0.4% compared with a forecast for a 0.5% gain. The average of two of the Bank of Canada's core measures of underlying inflation, CPI-median and CPI-trim, came in at 4.9% compared with 5.1% in January.
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