Canada’s Consumer Price Index (CPI) fell by one tenth of a percent in September to minus 0.9 percent according to Statistics Canada. Lower energy costs are the main reason for the reduction but the results still highlight the fragility of the overall economy and make it less likely that the Bank of Canada will raise interest rates. Earlier in the week, Canada’s commercial banks lifted mortgage rates – seen by some as a “favor” to the Central Bank – in response to rapidly rising house prices in Canada’s urban centers.
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