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Canada CPI rose to 4.4% yoy in Apr, first acceleration since June 2022

Canada CPI rose 0.7% mom in April, above expectation of 0.5% mom. Prices for gasoline (+6.3%) contributed the most to the headline month-over-month movement. Excluding gasoline, the monthly CPI rose 0.5%.

Over the 12-month period, CPI accelerated from 4.3% yoy to 4.4% yoy, above expectation of 4.1% yoy. That’s the first acceleration in headline CPI since June 2022. Statistics Canada said that higher rent prices and mortgage interest costs contributed the most to the all-items CPI increase.

CPI median slowed from 4.5% yoy to 4.2% yoy, below expectation of 4.3% yoy. CPI trimmed dropped from 4.4% yoy to 4.2% yoy, above expectation of 4.1% yoy. CPI common slowed from 6.0% yoy to 5.7% yoy, above expectation of 5.5% yoy.

Full Canada CPI release here.

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