The Bank of Canada will publish a rate statement and update on the interest rate on Wednesday, at 17:00 MT time.
Canadian annual inflation rallies from 15-month minimum
In Canada, the total rate of inflation managed to pick up from a 15-month minimum, although stayed quite below the Bank of Canada's objective.
As follows from the country’s statistics, the consumer price index managed to head north by up to 1.5% in February from 2018. It turned out to be higher than January’s outcome of 1.4% that had been its lowest reading since October 2017. Besides this, prices went up by nearly 0.7% from February.
Financial analysts had hoped prices would tack on by 0.6% in the month as well as 1.4% year-on-year. As a matter of fact, without gasoline, core consumer prices managed to surge by up to 1.5% from 2018 and went up by 0.7% from February.
The Bank of Canada tries to keep inflation at 2%, which appears to be the midpoint of a target range of 1%-3% for the medium term.
Eventually, on March 6, the Bank left its official interest rates on hold, warning of the potential damage to both confidence as well as the Canadian economy from everlasting trade clashes.
It’s going to take time to evaluate the whole persistence of below-potential surge as well as the implications for the inflation outlook. Well, with soaring uncertainty as for the timing of future rate hikes, the Governing Council is going to closely monitor developments in crude markets, household spending, and also global trade policy.
Besides this, retail sales headed south by 0.3% in January, in contrast with December’s outcome of 0.1%, as Statistics Canada revealed on Friday.
Financial analysts had hoped sales would tack on by up to 0.4%.
By the way, a leap in food as well as building material companies' receipts didn’t managed to compensate the weakness in car sales.
IMF downgraded its projections for the Euro Area. Economists predict that the EU will get back to the pre-pandemic levels only by the end of 2022.
Take the opportunity and follow the release of Canadian GDP on January 29, at 15:30 MT time!
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