Canada: Annual CPI rises to 2.4% in May vs. 2.1% expected, CAD gathers strength
The data published by Statistics Canada today revealed that inflation, as measured by the Consumer Price Index (CPI), rose 2.4% on a yearly basis in May following April's 2% reading and came in above the market estimate of 2.1%. On a monthly basis, the CPI matched the previous reading with 0.4%.
Meanwhile, the core CPI, which excludes volatile food and energy prices and is published by the Bank of Canada (BOC), was 2.1% and 0.3% on a yearly and monthly basis, respectively, with both figures surpassing analysts' forecasts.
With the initial reaction, the USD/CAD pair came under a renewed pressure and was last seen trading at 1.3340, losing 0.27% on a daily basis.
This article is published only for general use basic informatory purposes and should not be considered or depended on as a financial or investment advice. Investors should make sure that they understand the risks and seek independent financial advice at all times. CFDS ARE COMPLEX INSTRUMENTS AND COME WITH A HIGH RISK OF LOSING MONEY RAPIDLY DUE TO LEVERAGE.