Canada's Oliver says core inflation nowhere near deflationary

Fri Feb 20, 2015 9:54am EST
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TORONTO Feb 20 (Reuters) - Canadian Finance Minister Joe Oliver, asked whether he was worried about a forecast that overall inflation might turn negative, on Friday said core inflation in Canada was nowhere near deflationary levels.

Bank of Canada deputy governor Agathe Cote said on Thursday that inflation could dip into negative territory on the back of slumping oil prices.

"What I understand them (the Bank) as saying is the very significant decline in oil prices will have an impact on inflation on a monthly basis. But core inflation is not anywhere near deflationary levels," Oliver told reporters. (Reporting by Alastair Sharp, writing by David Ljunggren; Editing by Chizu Nomiyama)