The quirk in Canadian CPI data is that there was a GST (Canada's VAT) holiday that ended on Feb 15 and that has been reverberating, followed by the removal of the carbon tax on April 1, lowering gasoline prices.
The market was pricing in a 65% chance of a BOC rate cut in early June ahead of this data but that's quickly back to 51%. These core numbers are uncomfortably hot and may represent some trade war pass-thru.
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