Canada released the consumer price index for the month of December, where CPI dropped by 0.6% below estimates compared with the prior reading of 0.1%, while on the yearly basis the index inclined by 2.3% compared with the prior reading of 2.9% and expected reading of 2.7%.

Core CPI, which excluded volatile items such as food and energy, decreased in December by 0.5%, compared to the prior 0.1 percent and below with forecasted reading of -0.2%, core CPI on yearly basis rose by 1.9 percent slightly down from forecasted of 2.2% and prior of 2.1%.