Statistics Canada is expected to release its latest reading on inflation today. People shop in a grocery store in Montreal, Wednesday, Nov. 16, 2022. THE CANADIAN PRESS/Graham Hughes
OTTAWA – Statistics Canada is expected to release its latest reading on inflation today.
The agency is expected to publish its consumer price index for October this morning, ahead of the federal government’s fall economic statement this afternoon.
The annual inflation rate was 3.8 per cent in September and economists expect the new report to show inflation cooled in October as gasoline prices fell and the rise in food prices slowed.
An overall decline in inflation 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 rate decision, but has said it is prepared to raise rates again if needed to bring inflation under control.
The Bank of Canada’s next interest rate decision is set for Dec. 6.
This report by The Canadian Press was first published Nov. 21, 2023.
