Statistics Canada to release January inflation report today

CITYnews halifax / By The Canadian Press

OTTAWA — Statistics Canada is set to release its January consumer price index report this morning.

The report is expected to show inflation slowed last month after rising in December to 3.4 per cent.

The Bank of Canada will have a close eye on today’s report as it looks for more evidence that inflation is headed back to its two-per-cent target.

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 next move is most likely a rate cut, so long as inflation continues to co-operate.

Economists expect the Bank of Canada to begin lowering its key rate around the middle of the year as the economy slows, giving way to slower price growth.

This report by The Canadian Press was first published Feb. 20, 2024. 

The Canadian Press