Economists watching for signs of widening inflation pressures with release of September data
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Open this photo in gallery:A person pumps gas at a gas station in Ottawa in April. Keito Newman/The Globe and MailStatistics Canada is set to report inflation data for September today. A Reuters poll of economists expects inflation accelerated to 3.2 per cent last month, up from 3 per cent in August. Economists say persistently high energy prices are the main forces pushing inflation higher right now and they’ll be looking for evidence of cost pressures broadening beyond the gas pumps. The September inflation report will be the Bank of Canada’s last look at price data before its next interest rate decision on Oct. 28. The central bank has signalled it will look through the initial inflationary impacts from the ongoing war in the Middle East but is prepared to hike its policy rate if there are signs inflation is spreading. The Bank of Canada will also release its own quarterly surveys of consumers and businesses later this morning that will give a sense of whether firms are planning to pass higher supply chain costs on to their customers.
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