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Canadian dollar inches higher after inflation rises more than expected
TORONTO – The Canadian dollar was slightly higher early Wednesday after the latest inflation numbers showed the largest monthly increase in consumer prices in more than 20 years.
The loonie was up 0.07 of a cent to 98.46 cents US before stock markets opened.
The latest data from Statistics Canada showed that the annual inflation rate in February jumped more than expected to 1.2 per cent from 0.5 per cent a month earlier.
The report was above the expectations of a 0.8 per cent increase, according to economists.
“While today’s figures are much stronger than expected, they still track a pace that should raise little worry for the Bank of Canada — and still point to continued slack in the economy,” CIBC economist Emanuella Enenajor said in a note.
In commodities, April gold bullion rose $1.40 to US$1,597.10 an ounce while May copper lost nearly a cent to US$3.435 a pound.
The May crude contract on the New York Mercantile Exchange fell 38 cents to US$95.96 a barrel.
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