Canadian inflation, as measured by the Consumer Price Index (CPI), registered 1.9 per cent in the twelve months to March, a 0.4 point rise over February. Excluding falling gasoline prices, CPI inflation measured 2.2 per cent. The Bank of Canada's three measures of trend inflation were also higher in March averaging just under 2 per cent. In BC, provincial consumer price inflation was 2.6 per cent in the 12 months to March.
An uptick in inflation somewhat complicates the Bank of Canada's decision on interest rates next week, though incoming economic data remains mixed and we believe the Bank will remain sidelined.
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