|08-22-2014, 06:03 PM||#1|
Canada inflation decelerates in July, retail sales up
Canada’s inflation fell sharply below forecasts in June, as a drop in transportation costs failed to overshadow a rise in natural gas prices. Retail sales, meanwhile, increased sharply above economists’ expectations during the month of June.
The cost of living for Canadians, the consumer price index (CPI) dropped 0.2 percent in July from after a 0.1 percent rate in June. Analysts expected a rate of 0.1 percent decline.
The annual CPI fell to 2.1 percent in the year ended July after rising to 2.4 percent. Trailing analysts expectations of 2.2 percent.
The annual core rate, which excludes eight volatile products,
Decelerated 0.1 percent on the month unchanged from June’s reading, while missing 0.1 percent expected. Annual core CPI fell 0.1 percent to 1.7 percent from 1.8 percent in the year ended June.
In a separate report, Statistics Canada said that retail sales rose sharply to 1.1 percent in June – the Sixth Straight Gain. The figure came in sharply higher compared with estimates that called for a 0.3 percent, and after a revised gain of 0.9 percent.
Sales excluding the impact of price changes, which gives a better indication of the sector’s contribution to growth, rose to 1.5 percent in June, according to the report.
As of 15:45 GMT +3, The USDCAD pair was seent trading at 1.09458 sharply below opening level of 1.09554.
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