Not mentioned was the 1.3% decline in electricity prices in April after a 1.6% decline in March. This is mainly due to a policy decision by the Ontario government. It doesn’t relate in any way to dampening demand pressures. The old CPIX operational guide excluded most energy prices from core inflation, but, unlike the original operational guide, CPIXFET, it did not exclude electricity. This is part of why CPIX had a 1.1% inflation rate in April while CPIXFET was probably at 1.5%. (For some reason, it is never updated with most of the other CPI series, but rather the week after.) Excluding electricity, CPIX would have shown a 1.2% inflation rate for April. If there are special reasons for taking another component out of an exclusionary core inflation measure like CPIX it can always be done. It is more difficult to justify doing this for a measure like CPI-common, which on principle is supposed to include everything and exclude nothing.