Statistics Canada to release July inflation figures today

Statistics Canada is set to publish its July consumer price index report today.

Statistics Canada is set to publish its July consumer price index report today.

Economists polled by Reuters expect the report to show inflation slowed to 2.5 per cent from 2.7 per cent in June.

Price pressures in Canada have steadily eased this year, bringing the annual inflation rate below three per cent since January.

The Bank of Canada has been encouraged by this progress and lowered its key interest rate at its last two decision meetings.

Governor Tiff Macklem has signalled more rate cuts are coming, as long as inflation continues to slow.

The Bank of Canada's next interest rate announcement is scheduled for Sept. 4.

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