Correlation Analysis
Real Gross Domestic Product for Canada vs Consumer Price Index: All Items: City: Total for Canada
NGDPRSAXDCCAQ vs CPALCY01CAM661N
+0.981
Very strong positive
When one moves up, the other tends to follow.
AI Analysis
The strong correlation between the two economic data series indicates that changes in Series B (likely a consumer price index) closely follow trends in Series A (potentially a measure of nominal GDP or economic activity), with Series B typically leading by about six months. This suggests that fluctuations in consumer prices can be a reliable indicator of future economic conditions, which is valuable for investors and policymakers. However, while this relationship is robust, it's essential to consider external factors or economic shifts that could impact these series differently in the future, potentially altering their correlation.
Timing Offset
y leads x by 6 periods
CPALCY01CAM661N tends to move before NGDPRSAXDCCAQ.
Correlation at each lag offset (periods). Peak marked with dot.
Peak correlation at offset: +0.982 (13 lags scanned)
R-Squared
96.3%
Share of variance in one series explained by the other.
Trend Agreement
85.7%
How often both series moved in the same direction period-to-period.
Overlap Quality
252
Robust shared window — 252 usable pairs.
Significance
p < 0.001
95% CI: [0.963, 0.990] (approximate)
Time Series
Rebased to 100
Scatter
XY Regression
Pipeline
Data quality details
Pipeline
Data quality details
Pipeline Summary
252 paired observations survived the daily window.
Raw input
260
755
Normalized
260
755
Prepared
260
755
Aligned
252
252
Invalid removed
0
A: 0 / B: 0
Duplicates removed
0
A: 0 / B: 0
Alignment drops
511
A: 8 / B: 503
Series A
NGDPRSAXDCCAQ
Real Gross Domestic Product for Canada
FRED · 260 raw → 260 prepared
Series B
CPALCY01CAM661N
Consumer Price Index: All Items: City: Total for Canada
FRED · 755 raw → 755 prepared
Sign agreement
100.0%
How often both values share the same sign.
Zero crossings
1
Estimated crossover points between normalized spreads.
Slope
0.0002
Linear regression slope.
Intercept
-10.4901
Linear regression intercept.
Saved 13 hours ago · ID: fred-ngdprsaxdccaq-vs-fred-cpalcy01cam661n-daily-20260406-ysmcrc