Statistics Canada to release May consumer price index Monday morning

Statistics Canada is scheduled to release its latest inflation figures for May today, with economists predicting a rise in the annual inflation rate.

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gasoline prices rose in May, so that will push inflation higher for the month, but oil prices have since come off their highs.

The consensus forecast suggests inflation reached three percent in May, an increase from April's 2.8 percent. This anticipated rise is primarily attributed to elevated oil and gasoline prices during the month.

Andrew Hencic, senior economist at T-D Bank, noted that while gasoline prices climbed in May, oil prices have since retreated from their peaks. He indicated that he will be looking closely at price movements in sectors beyond just gasoline within the report to gauge the broader economic impact.

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he will be looking to see what prices are doing beyond gasoline in the report.

The Bank of Canada maintains a two percent inflation target and has previously observed limited evidence of higher energy prices broadly affecting the cost of other goods and services. Today's report will provide further insight into whether this trend continues.

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there has been limited evidence of a broad-based pass-through of higher energy prices to the cost of other things so far.