By Canadian Press

Statistics Canada set to release October inflation figures today

Nov 19, 2024 | 1:01 AM

OTTAWA — Statistics Canada is expected to release its October consumer price index report this morning.

Economists polled by Reuters expect the annual inflation rate rose to 1.9 per cent last month, according to LSEG Data & Analytics.

After a period of sharp price growth, Canada’s inflation rate dipped below the Bank of Canada’s two per cent target in September for the first time in more than three years, reaching 1.6 per cent.

The central bank delivered a half-percentage point interest rate cut last month in response to inflation falling to 1.6 per cent.

It’s expected to continue cutting interest rates, including at its meeting next month.

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Governor Tiff Macklem has said the size and pace of the cuts, however, will be determined by incoming economic data.

This report by The Canadian Press was first published Nov. 19, 2024.

Nojoud Al Mallees, The Canadian Press