Canadian CPI accelerated to a 1.4% clip in February, contrary to expectations for a modest slowing (median 1.0%) versus the 1.1% clip in January. Higher food and shelter costs were the main cause of the pick-up in headline inflation growth. Total CPI shot 0.7% higher compared with January, bringing to an end four straight m/m declines that ranged from -0.3% to -1.0%. The BoC’s core index held steady at 1.9% y/y, as a much easier y/y comparison neutralized a 0.5% m/m jump in the index that followed back to back 0.4% m/m declines in December and January.