A woman pumps gas at a gas station in Mississauga, Ont., on February 13, 2024. THE CANADIAN PRESS/Christopher Katsarov
OTTAWA – Statistics Canada is set to release its February consumer price index report this morning.
Economists expect the inflation rate to tick up above three per cent again after slowing to 2.9 per cent in January.
The consensus expectation among forecasters is that prices rose 3.1 per cent last month from a year ago, reversing some progress made in January.
The central bank has held its key interest rate at five per cent since the summer, the highest level it’s been at since 2001.
Governor Tiff Macklem has signalled that the Bank of Canada’s next change is most likely a rate cut, so long as inflation continues to co-operate.
A rise in inflation will slightly complicate things for the Bank of Canada, though it is still widely expected to begin cutting its key interest rate around the mid-year mark.
This report by The Canadian Press was first published March 19, 2024.
