Statistics Canada to release June inflation data this morning

Statistics Canada is set to release the latest inflation reading for June this morning.

Statistics Canada is set to release the latest inflation reading for June this morning.

In May, the agency reported inflation rose to 2.9 per cent year-over-year, driven higher by prices for services.

Economists polled by Reuters are forecasting consumer prices rose 2.8 per cent in June compared with the same month last year, according to LSEG Data and Analytics.

Tuesday's release will be the last inflation reading before the Bank of Canada's next interest rate decision on July 24.

Earlier this month, the central bank began its rate-cutting cycle, opting to lower its key lending rate by a quarter-point to 4.75 per cent.

Financial data shows market participants are largely expecting the Bank of Canada to deliver another rate cut later this month.

This report by The Canadian Press was first published July 16, 2024.