Quarterly National Spanish Accounts: Third Quarter 2025

The Consumer Price Index (CPI) rose 1.3% this quarter. Over the twelve months to the September 2025 quarter, the CPI rose 3.2%. The most significant price rises this quarter were Housing (+2.5%), Recreation and culture (+1.9%) and Transport (+1.2%). chart table Trimmed mean annual inflation was 3.0 per cent to the September 2025 quarter, up from 2.7 per ...

Gold (OG) options volumes surged sharply in October, reaching a record high of 175K contracts in combined average daily volume (ADV) across both tenors. Monthly Gold options led this rally with an ADV of 124K contracts, while Weekly Gold options contributed a solid 51K contracts, marking the strongest performance since the early summer peak. This renewed ...

The Canadian economy is adjusting to steep US tariffs on several industries and coping with elevated uncertainty. Tariffs have led to a fall in the demand for Canadian goods, affecting the broader economy. The reconfiguration of global trade and domestic production is also leading to higher costs. Total inflation has been around 2%, while underlying inflation has continued to be about 2½%. With US tariffs and limited Canadian counter-tariffs in place, the effects of the trade conflict on growth and inflation in Canada are becoming clearer. Exports to the United States have fallen, and business investment has declined. The structural shift in the Canada-US trade relationship has put the economy on a lower path. At the same time, the reconfiguration of global trade and the restructuring of the Canadian economy are adding costs and putting upward pressure on inflation. Considerable uncertainty remains around US tariffs and how changes to global trade relationships will affect economic growth and consumer prices in Canada. This uncertainty includes the review of the Canada-United States-Mexico Agreement. How other major structural changes—such as shifting demographics and the adoption of artificial intelligence—will affect the Canadian economy is also unclear. The effects of these developments on output and inflation will play out over many years. Monetary policy cannot offset the long-term implications of US tariffs or other sources of structural change. Th BoC: Inflation to average 2.0% in 2025 (down from 2.3% in Jan), 2.1% in 2026 (unchanged), 2.1% in 2027. BoC: potential output growth expected to slow to 1.0% in 2026 from 1.6% in 2025; seen rising to 1.3% in 2027. BoC: Nominal neutral interest rate is assumed to be in the estimated range of 2.25% to 3.25%.