Investing.com – Canadian inflation registered no change in July, missing analyst forecasts and decreasing the pressure on the Bank of Canada to continue tightening policy, according to official data released on Friday.
According to the report from Statistics Canada, consumer price index (CPI) for July was unchanged from the previous month, missing forecasts for a 0.1% gain and after a 0.1% decline in June.
Year-on-year, CPI advanced 1.2% last month, in line with expectations and compared to an increase of 1.0% in June.
Core inflation, which excludes food and energy, unexpectedly fell by 0.1% in July, missing forecasts for it to repeat the prior month’s 0.1% advance.
Year-on-year, core CPI advanced 0.9% in July, matching the increase in the previous month.
The BoC’s next monetary policy announcement is scheduled for Wednesday, September 6.
After the report, USD/CAD traded at 1.2610, compared to 1.2663 prior to the release.