Statistics Canada is scheduled to release its inflation data for September today, with economists anticipating a rise in the consumer price index. A Reuters poll suggests inflation accelerated to 3.2 percent last month, up from 3 percent in August. Analysts attribute this increase primarily to persistently high energy prices, which are currently the main driver of inflation. They will be closely examining the report for signs of broader cost pressures extending beyond fuel expenses.
The September inflation report holds particular significance as it will be the Bank of Canada's final review of price data before its next interest rate decision on October 28. The central bank has indicated it will monitor the inflationary effects of the ongoing Middle East conflict but remains prepared to raise interest rates if inflation shows signs of spreading. Additionally, the Bank of Canada will publish its quarterly surveys of consumers and businesses later today, providing insights into whether companies plan to pass on higher supply chain costs to consumers.