Statistics Canada is set to release its February consumer price index report on Tuesday. The consensus expectation among forecasters is that prices rose 3.1 per cent from a year ago.
A rise in inflation will slightly complicate things for the Bank of Canada, which is widely expected to begin cutting its policy interest rate in the coming months. The Bank of Canada has held its key interest rate steady at five per cent since July, waiting for more evidence that inflation is getting closer to two per cent.
"Oil prices can move mightily rapidly, and make a lot of inflation forecasts look pretty foolish," he said.
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