Canadian Core CPI (Aug YY) 2.4% (Prev. 2.3%)

The Bank of Canada has historically framed its reaction function around the trend across several prints and its preferred core measures rather than any single monthly or annual reading, so one step higher has rarely been sufficient on its own to alter a cutting or holding stance. The distinction that matters is breadth: if the firmness is concentrated in shelter and services components with administered or lagging pass-through, it has tended to fade; if it spreads across the basket, the stickier read-through has historically given the policy committee more pause. Worth noting the headline carries an anomalous France tag, which appears to be a classification artefact rather than substantive. The follow-ons are the monthly annualised rates, the trimmed mean and median measures, and how the print lands against the BoC's own published inflation projections ahead of its next decision.