Forecasters anticipate this week\u0027s consumer price index report to show inflation rose last month.
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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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