Statistics Canada revises up two core measures of inflation for January

Workers guide equipment at a condominium development in Calgary
FILE PHOTO: Workers guide equipment at a condominium development in Calgary, Alberta, Canada December 6, 2019. REUTERS/Todd Korol

February 23, 2021

OTTAWA (Reuters) – Two of three core measures of Canadian inflation watched closely by the Bank of Canada were revised upward on Monday, as Statistics Canada reversed methodological changes made ahead of its last release that made the January data appear weaker.

CPI common, which the Bank of Canada says is the best gauge of the economy’s underperformance, remained unchanged at 1.3%, while CPI trim was revised upward to 2.0% and CPI median was revised upward to 2.0%.

“Following feedback from users, Statistics Canada has determined that these changes require further evaluation and analysis,” the agency said in a statement.

The changes did not impact Canada’s headline inflation numbers, which showed a larger than expected acceleration in January.

(Reporting by Julie Gordon in Ottawa; editing by Jonathan Oatis)