Forecasters anticipate this week's consumer price index report to show inflation rose last month, signalling a reversal in progress after a year of steady declines in inflation.
Canada's annual inflation rate fell back to the country's target range in June for the first time since March 2021, tumbling to 2.8 per cent.
Both BMO and CIBC expect inflation to come in at 3.1 per cent in July, largely due to higher gasoline prices. "Gasoline has very quickly gone from being a big drag on inflation to being close to neutral to possibly adding to inflation, again, is as early as next month's report," Porter said.Its most recent forecasts show it's expecting inflation to hover around three per cent over the next year before steadily declining to two per cent by mid-2025.
The labour market is no longer as tight as it was last year, and the unemployment rate has been on the rise.Porter said this steady increase should give the central bank pause, as economists anticipate unemployment to continue to rise.
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