Economists expect annual inflation ticked up to 2.3% in November

Economists are expecting the annual inflation rate moved slightly higher in November.

As of late-morning Friday, a Reuters poll of economists predicts headline inflation to come in at 2.3% for the month, according to LSEG Data & Analytics.   

CIBC senior economist Andrew Grantham says he expects gasoline prices to be the main factor pushing up the inflation figure. 

Statistics Canada reported that the annual inflation rate fell to 2.2% for the month of October.

On Wednesday, the Bank of Canada kept its key policy rate steady at 2.25%, noting that further cuts weren’t needed to boost economic activity and that inflation remains in check.

RSM chief economist Joseph Brusuelas says it appears that overall inflation has stabilized in recent months, despite some increases in the cost of food and certain metals.

Daniel Johnson, The Canadian Press

Daniel Johnson is a reporter with The Canadian Press, a national news agency headquartered in Toronto and founded in 1917.