Statistics Canada to release November inflation rate amid soaring food prices – National | Globalnews.ca

Statistics Canada is set to release its latest inflation reading Wednesday, giving insight on how fast prices were rising last month.

The country’s annual inflation rate held steady at 6.9 per cent in September and October.

RBC is forecasting the annual inflation rate cooled to 6.7 per cent in November.

Though inflation remains well above the Bank of Canada’s two per cent target, economists have been encouraged by a slowdown in price growth over the last few months.

However, the cost of groceries continues to climb rapidly, with prices up 11 per cent in October compared with a year ago.

The Bank of Canada, which has signalled it may stop raising interest rates, will be paying close attention to the latest consumer price index report.