Economists are forecasting inflation fell closer to three per cent, the top end of the Bank of Canada's target range. A cyclist makes their way past the Bank of Canada in Ottawa on Tuesday, July 11, 2023. THE CANADIAN PRESS/Sean Kilpatrick
OTTAWA – Statistics Canada is set to release its June inflation reading this morning.
The consumer price index report is expected to show inflation slowed again last month.
Economists are forecasting inflation fell closer to three per cent, the top end of the Bank of Canada’s target range.
Canada’s inflation rate was 3.4 per cent in May, down considerably from 8.1 per cent last summer.
Much of the decline in inflation has been due to lower energy prices, while other prices have continued to rise rapidly.
The central bank is expecting Canada’s inflation rate to hover around three per cent for the next year, before steadily declining to the two per cent target by mid-2025.
This report by The Canadian Press was first published July 18, 2023.
