Analysts at TD Securities are expecting Canada’s CPI inflation to fall from 2.0% to 1.7% y/y in July as a 0.2% m/m increase is overshadowed by base-effects from last year. 

• “Gasoline prices will provide a significant driver to the monthly increase on a 3.4% increase in the price at the pump alongside a modest increase in food prices. Core measures are also expected to edge lower on a 0.1pp decline the trimmed-mean and weighted-median measures, pushing the average of the three to 1.97% from 2.03% y/y in June.”