Investment Solutions for Municipalities

Economic Review: The Data Inflation August CPI headline beat expectations at +0.2% (4.1% y/y) 105 104 Prices were up in seven of eight categories so massive breadth. The BoC Core Common rose one tick to 1.8% 103 102 101 100 99 Homeowner replacement rose at the fastest pace in 30 years These numbers will matter to the Bank as they work to determine if inflationary pressures are transitory CIBC CONFIDENTIAL 98 Consumer prices (Feburary 2020 = 100) Jul-21 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Canada - CPI US - PCE 2% Inflation Jan-21 Apr-21 11

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