The Consumer
Price Index (CPI) rose 1.4 per cent in November compared to the same month last
year. While the transportation component, which contains gasoline prices, edged
lower, prices were up in seven of the eight major index components. The largest
increase came from food prices, which rose 3.4 per cent. The Core CPI, which
excludes the volatile components like food and gasoline, was right on the Bank
of Canada's target of 2 per cent.
Wholesale
trade in Canada declined for the fourth consecutive month in October, down by
0.6 per cent. Wholesales sales in BC were down 1.2 per cent in October and it
was the second consecutive month of decline in BC. The inventory-to-sales ratio
in Canada during October was 1.34 per cent, reaching its highest level since
June of 2009.
These tepid
indicators suggest the Bank of Canada will continue its sideline stance and
will likely not change its trend-setting target overnight interest rate at its
next announcement.
Copyright BCREA –
reprinted with permission
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