Weaker CPI provides relief

Those buckling under the pressure of high interest rates got a breath of fresh air on inflation today.

January headline CPI dropped to 5.9% year-over-year, 20 bps below expectations.

That was partly a function of monetary policy working its magic and partly due to the favourable 2022 January comparable that we've been writing about. Such positive base effects will continue benefiting Canada through June.

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