Statistics Canada to release January inflation report today

OTTAWA –

Statistics Canada is ready to launch its studying on inflation for January this morning.

The federal company’s shopper worth index report will give perception on how excessive costs had been in January in contrast with a 12 months in the past, in addition to the month prior.

Canada’s annual inflation fee has been slowing because the summer season, reaching 6.3 per cent in December, however economists are predicting that greater gasoline costs in January might have hindered that development.

Economists say the price of groceries, which has been a ache level for a lot of Canadians, doubtless eased final month as agriculture commodity costs moderated.

RBC is forecasting the annual inflation fee for January to come back in at 6.1 per cent and CIBC is forecasting a slight enhance to six.4 per cent.

The Bank of Canada, which is planning to carry rates of interest for now, can be monitoring the report forward of its March 8 rate of interest resolution.

This report by The Canadian Press was first printed Feb. 21, 2023.