Economists expect the worst is over for headline inflation, but core inflation could prove more persistent — via financialpost
“Meanwhile, it’s a very different picture when we look at underlying inflation and I think that’s where theand the Fed’s focus is going to be trained on now, and in that case, we really haven’t seen any relief whatsoever,” Porter said on an episode of BMO’s Smarter Investing Podcast this week. “In Canada, in fact, if anything, core inflation is still moving higher.”Article content
Core inflation readings exclude primarily food and energy prices. Without them, inflation has been tracking higher, hitting 5.3 per cent in October compared to 4.2 per cent in the first quarter. Porter said that even if Canadians continue to see easing price pressures at the gas pumps, easing core measures will be frustratingly slow.
BMO economists are expecting headline inflation to slow by about four ticks to a year-over-year pace of 6.5 per cent as November tends to see a lull in consumer prices, but food is an exception. “November is historically the second-strongest month of the year for food prices, and we’re not expecting any difference this year, with a near-one-per-cent increase,” wrote BMO senior economist Robert Kavcic in a Monday note to clients. “Beyond food and energy, November tends to be a soft month for inflation.”Article content
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