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Canada CPI slowed to 7% yoy in Aug

Canada CPI dropped -0.3% mom in August, below expectation of -0.1% mom. That’s the largest monthly decline since early months of the pandemic.

For the 12-month period, CPI slowed from 7.6% yoy to 7.0% yoy, below expectation of 7.3% yoy. That’s also the second consecutive slowdown in the year-over-year rate, largely driven by lower gasoline prices. CPI excluding gasoline slowed from 6.6% yoy to 6.3% yoy, first deceleration since June 2021.

CPI common rose from 5.5% yoy to 5.7% yoy, above expectation of 5.6% yoy. CPI median dropped from 5.0% yoy to 4.8% yoy, below expectation of 5.1% yoy. CPI trimmed dropped from 5.4% yoy to 5.2% yoy, below expectation of 5.5% yoy.

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