Canada’s consumer price index (CPI) for November is set to be released by Statistics Canada this morning. According to economists at TD and RBC, Canada’s inflation rate is expected to fall back to between one and three per cent. RBC expects the inflation rate to ease to 2.9 percent in November as gasoline prices decreased and the growth rate of food prices moderated. The Bank of Canada (BoC) has been supportive of the recent softening in inflation and the overall economy, holding its key interest rate at five per cent in recent months. It is expected that the next step for the BoC will be to lower interest rates once it is more confident that inflation will return to two per cent.