By Canadian Press

Statistics Canada to release August inflation figures today

Sep 17, 2024 | 1:02 AM

OTTAWA — Statistics Canada is set to release its August consumer price index report this morning.

Economists polled by Reuters are expecting the report to show prices rose 2.1 per cent from a year ago, down from a 2.5 per cent annual gain in July.

Inflation has remained below three per cent throughout 2024, giving the Bank of Canada room to begin cutting interest rates, which it has done three times so far this year.

The Bank of Canada’s key lending rate now stands at 4.25 per cent.

Governor Tiff Macklem recently signalled that the central bank is ready to cut rates faster, if inflation or the economy slow quicker than expected.

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The U.S. Federal Reserve is also expected to announce its first interest rate cut in four years on Wednesday.

This report by The Canadian Press was first published Sept. 17, 2024.

The Canadian Press