The Bank of Canada has issued a note confirming that its inflation data was unaffected by changes in indirect taxes.

The Bank estimates that the effect of changes in indirect taxes on the total Consumer Price Index and on the subset of the CPI that excludes the eight most volatile components – the core rate – was nil in July.

As a result, for July the contribution of such changes to year-over-year variations in the total CPI and in the core rate will continue to be 0.1 and zero, respectively.

The Bank of Canada’s measure of core inflation excludes the eight components of the CPI basket that display the greatest volatility, as well as the effect of changes in indirect taxes on the remaining components.

Inflation data will be released tomorrow morning.