Statistics Canada is expected to release October inflation numbers Wednesday morning.
Economists are warning Canada’s annual inflation rate likely ticked higher as gas prices went up and grocery costs continued to soar last month.
The annual inflation rate was 6.9 per cent in September.
It has been steadily declining since reaching its highest rate this year of 8.1 per cent in June.
The Bank of Canada has been rapidly raising interest rates in response to decades-high inflation and is expected to deliver another rate hike next month.
The central bank is forecasting inflation will return to its two per cent target by the end of 2024.
More interest rates hikes expected, but size not yet known: Macklem