- Canadian CPI inflation rose to 2.9% YoY in May, erasing the forecasted downtick to 2.6% from the previous 2.7%.
- MoM CPI climbed to 0.6% in May, coming in well above the forecast 0.3% and accelerating from the previous 0.5%.
- BoC’s own CPI Core also rose to 0.6% MoM versus the forecast hold at 0.2%.
- A snap rise in Canadian inflation follows a recent quarter-point cut from the BoC, which could spark concerns that the Canadian central bank started cutting too early.
- US CB Consumer Confidence survey eased to 100.4 from 102.0, a slightly better print than the expected 100.0.
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