Economists expect annual inflation ticked up to 2.3 per cent in November

Economists are expecting the annual inflation rate moved slightly higher in November.

As of late-morning Friday, a Reuters poll of economists predicts headline inflation to come in at 2.3 per cent for the month, according to LSEG Data & Analytics.

CIBC senior economist Andrew Grantham says he expects gasoline prices to be the main factor pushing up the inflation figure.

Statistics Canada reported that the annual inflation rate fell to 2.2 per cent for the month of October.

On Wednesday, the Bank of Canada kept its key policy rate steady at 2.25 per cent, noting that further cuts weren’t needed to boost economic activity and that inflation remains in check.

RSM chief economist Joseph Brusuelas says it appears that overall inflation has stabilized in recent months, despite some increases in the cost of food and certain metals.