Economists are calling for a rise in Canadian headline inflation for July but expect signs of cooling within the core inflation data for the month.
Statistics Canada is set to release its latest consumer price index data on Tuesday. Economists tracked by Bloomberg are calling for inflation to tick up to 3.0 per cent for July annually and post a 0.3 per cent rise month-over-month.Derek Holt, Scotiabank’s vice-president and head of Capital Markets Economics,stands by the forecasts.
The “easy disinflation” seen over the past number of months is behind us, Benjamin Reitzes, rates and macro strategist at BMO Capital Markets, said on Monday. However, Reitzes noted that he expects core inflation metrics will likely show a slowdown – a data point that will be music the Bank of Canada’s ears, he said
That means that the expected rise in headline inflation for July isn’t necessarily a sign of inflation accelerating so much as a return to normal gasoline price comparisons within the CPI index, Brown explained.
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