Statistics Canada to release June inflation rate, expected to reach 8%

Canadians are expecting to find out this morning how much inflation rose last month.

Statistics Canada’s reading on inflation for May reached a 39-year high of 7.7 per cent.

Economists predict the June inflation rate will increase and will likely top eight per cent.

The Bank of Canada last week made another big move to slow skyrocketing inflation by hiking its key interest rate by a full percentage point.