Canada: Annual CPI declines to 6.8% in November vs. 6.7% expected

• Annual Core CPI in Canada stayed unchanged at 5.8% in November.
• USD/CAD holds above 1.3600 after Canadian inflation figures.

Inflation in Canada, as measured by the Consumer Price Index (CPI), declined to 6.8% in November from 6.9% in October. This reading came in slightly higher than the market expectation of 6.7%. On a monthly basis, the CPI rose by 0.1%.

Additionally, the Bank of Canada’s Core CPI, which excludes volatile food and energy prices, stayed unchanged at 5.8% on a yearly basis.

Market reaction

The USD/CAD pair showed no immediate reaction to these data and was last seen trading modestly higher on the day at 1.3617.