Statistics Canada is set to release its July consumer price index report this morning. Forecasters expect inflation ticked up last month, as gasoline prices rose. Gas prices are displayed in Carleton Place, Ont. on Tuesday, May 17, 2022. THE CANADIAN PRESS/Sean Kilpatrick
OTTAWA – Statistics Canada is set to release its July consumer price index report this morning.
Forecasters expect inflation ticked up last month, as gasoline prices rose.
Canada’s annual inflation rate tumbled to 2.8 per cent in June, falling back to the Bank of Canada’s target range for the first time since March 2021.
But economists say the challenge ahead for the central bank is getting inflation back to the two per cent target.
The Bank of Canada’s latest projections show it expects inflation to hover around three per cent for the next year, before gradually falling back to two per cent by mid-2025.
Today’s release will be the last inflation report ahead of the central bank’s interest rate decision, slated for Sept. 6.
This report by The Canadian Press was first published Aug. 15, 2023.
