Basis Points Canada's consumer price index climbed 5.2% in February from a year earlier, the lowest level since January 2022, Statistics Canada said on Tuesday. The market was expecting the index to advance 5.4%, after it eased to 5.9% in January. (Dow Jones Newswires) Eighty-eight percent of investors expect a stagflation backdrop to linger into the first quarter of 2024, compared with 83 percent last month, according to Bank of America's monthly global fund manager survey. "Expectations for stagflation have remained above 80% for 10 months in a row," the survey report said, adding investors have never held such strong conviction about the economic outlook. (DJN) A leading index of Australian economic growth continues to point to weakness ahead. The monthly Westpac index, which offers an estimate of where economic activity will be around the end of the year, lifted slightly to -0.94% in February from -1.04% in January. The Norges Bank won't be deterred by banking industry turmoil from raising its policy rate by 25 basis points to 3.0% on Thursday, Capital Economics economist Jack Allen-Reynolds wrote in a note. (DJN) The Riksbank said that Deputy Governor Henry Ohlsson will resign from the central bank on June 30. Henry Ohlsson took over as deputy governor in 2015 and was given a further term of office in 2020. His current term was due to expire on Jan. 11, 2026. (DJN) South Africa's annual inflation rate rebounded in February, swinging from three months of declines, prompted by accelerating in food and transport prices. Consumer prices increased 7.0% on year in February compared with the same month of 2022, up from the 6.9% annual rise registered in January, data from Statistics South Africa showed Wednesday. (DJN)

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This article is a text version of a Wall Street Journal newsletter published earlier today.


(END) Dow Jones Newswires

03-22-23 0717ET