The U of M's consumer sentiment survey showed one- and five-year inflation expectations easing a tick to 3.9% and 2.9%, respectively.
BMO's Inflation Signal Index fell closer to a normal range in January, helped by lower commodity prices and consumer inflation expectations.
Growth in Canadian average hourly earnings, calculated by the BoC from the payrolls report, stepped up for the second straight month to 4.5% y/y in November. Separately, revisions to the household survey brought growth in average hourly wages down three ticks to 4.8% y/y in December. The BoC revised up its outlook for core inflation in the January Monetary Policy Report, citing stronger demand.
Australian consumer price inflation accelerated to 7.8% y/y in Q4, the highest rate in over three decades. The RBA expects inflation to have peaked at the turn of the year before cooling in 2023.