-- 加拿大帝國商業銀行(CIBC)在周一公佈消費者物價指數(CPI)數據後表示,所有人都知道由於汽油價格上漲,加拿大3月份的通膨率將會飆升,但唯一的問題是通膨率會飆升到什麼程度。 CIBC指出,3月CPI年增2.4%,其中較上季漲幅為0.9%(未經季節性調整,經季節性調整後為0.5%),略低於市場普遍預期(2.6%),但較上月1.8%的年漲幅仍大幅上升。 CIBC表示,汽油價格上漲「當然」是通膨加速的主要驅動因素,目前其他領域的通膨傳導效應仍很有限。事實上,核心通膨在3月比預期更為溫和,四項指標(CPI-Trim、中位數、CPI-X以及剔除食品/能源價格後的核心通膨)較上季平均上漲0.1%,以三個月年化計算上漲1.4%。報告指出,電話服務價格當月大幅下跌,對CPI-X和剔除食品/能源價格後的核心通膨指標產生了顯著的下行影響。 展望未來,加拿大帝國商業銀行(CIBC)表示,汽油價格的進一步上漲將導致下個月整體通膨率躍升至3%左右,之後預計在5月份略有回落,部分原因是聯邦燃油消費稅的暫時中止(預計5月份整體通膨率將下降約0.2個百分點)。 報告補充說,能源價格上漲對核心通膨指標的影響可能會在夏季臨近時變得更加明顯,尤其是在機票價格上漲的影響得到更充分體現之後。但加拿大經濟內部的疲軟應該會阻止這些指標再次加速上漲,使加拿大央行能夠在2026年之前保持觀望態度。
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