Statistics Canada is expected to release its latest reading on inflation this morning.
The agency is set to publish is consumer price index for April.
The annual pace of inflation has been slowing in recent months after hitting a peak of 8.1 per cent last year.
The report for March showed prices were up 4.3 per cent compared with a year earlier.
The Bank of Canada is forecasting the annual inflation rate will fall to about three per cent in the coming months.
However, the return of inflation back to the central bank’s target of two per cent is expected to take longer.
This report by The Canadian Press was first published May 16, 2023