By The Canadian Press on December 19, 2023.
OTTAWA – Statistics Canada is set to release its November consumer price index report this morning.
Economists at both TD and RBC are expecting Canada’s inflation rate fell back to the one to three per cent target range.
RBC says it expects Canada’s inflation rate eased to 2.9 per cent last month as gasoline prices fell and the pace of growth in food prices slowed.
The inflation rate was 3.1 per cent in October.
The Bank of Canada has been encouraged by the recent slowdown in inflation and the economy overall, opting to hold its key interest rate steady at five per cent over the last few months.
Forecasters expect the central bank’s next move will be to cut interest rates once it feels more confident that inflation is heading back to two per cent.
This report by The Canadian Press was first published Dec. 19, 2023.