Statistics Canada is set to release its inflation reading for May this morning. A person leaves a Toronto supermarket with groceries on Wednesday, Oct. 5, 2022.THE CANADIAN PRESS/Alex Lupul
OTTAWA – Statistics Canada is set to release its inflation reading for May this morning.
The federal agency’s consumer price index report is expected to show Canada’s inflation rate fell last month.
RBC is forecasting the annual inflation rate slowed to 3.6 per cent, down from 4.4 per cent in April.
The commercial bank says the slowdown comes as gasoline prices have fallen significantly compared to a year ago.
Forecasters are also hoping to see that food inflation slowed last month, a source of financial strain for many families.
The Bank of Canada will be paying close attention to today’s report, as it gears up for its interest rate decision on July 12.
This report by The Canadian Press was first published June 27, 2023.
