Tuesday, August 21, 2007

CPI/Retail Data

You know, one of these days, I have faith that I will strike upon interesting data from Statcan (or is it Statscan?). Today is not that day.

1) A bland inflation report comes out, putting the y/y CPI increase at 2.2% and the core CPI at 2.3%. Most of that is increase in housing costs, either through increases in home prices or increases in mortgage rates. Interestingly, inflation in food has substantially moderated, from 4.1% y/y in February to 2.8% in July, but I suspect this could be highly seasonal, and I'm not seeing any word on a seasonal adjustment.

2) After last month's monster increase in retail sales, it's no surprise that they fell off by 0.9% in June. The 3-month advance in retail is still the largest in six years.

Nothing particularly interesting or worrisome.

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