(Ottawa) Statistics Canada is set to release its latest inflation data on Wednesday, offering a glimpse of how fast prices have risen over the past month.
The country’s annual inflation rate remained stable at 6.9% in September and October.
RBC forecasts a 6.7% decrease in the annual inflation rate in November.
Although inflation remains well above the Bank of Canada’s 2% target, economists have been encouraged by a slowdown in price growth in recent months.
However, the cost of groceries continues to rise rapidly, with prices up 11% in October from a year ago.
The Bank of Canada, which has signaled that it may stop raising interest rates, will pay close attention to the latest Consumer Price Index report.