Statistics Canada to release inflation figures for August this morning

OTTAWA -

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Statistics Canada will release its latest reading on inflation this morning.

The agency will publish its consumer price index for August.

Economists are forecasting inflation reaccelerated to around four per cent last month, reversing previous progress made as gasoline prices push inflation higher.

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Canada's annual inflation rate fell to 2.8 per cent on an annualized basis in June, entering the Bank of Canada's target range of one to three per cent for the first time since March 2021. However, the pace picked up in July to 3.3 per cent.

The Bank of Canada kept its key interest target on hold at five per cent earlier this month, but noted it was ready to raise rates if needed.

Bank of Canada deputy governor Sharon Kozicki is expected to deliver a speech at the University of Regina this afternoon.

This report by The Canadian Press was first published Sept. 19, 2023.