Bank of Montreal signage is pictured in the financial district in Toronto, Friday, Sept. 8, 2023. Forecasters anticipate Canada's inflation rate took another dip in October as gasoline prices fell from the previous month and grocery prices rise more slowly. THE CANADIAN PRESS/Andrew Lahodynskyj
OTTAWA – Forecasters anticipate Canada’s inflation rate took another dip in October as gasoline prices fell from the previous month and grocery prices rise more slowly.
Statistics Canada is set to release its consumer price index report tomorrow, coinciding with the federal government’s fall economic statement.
BMO expects the annual rate to come in at 3.2 per cent for October, while RBC is forecasting the rate fell to 3.1 per cent.
Canada’s inflation rate came in at 3.8 per cent in September.
A further slowdown would be welcome news for the Bank of Canada as it looks for evidence of a sustained slowdown in consumer price growth.
The central bank opted to hold its key interest rate steady at five per cent at its last two decision meetings, largely due to recent weak economic data.
This report by The Canadian Press was first published Nov. 20, 2022.
