Canadian Consumer Price Index

The consumer price index determines the rate of inflation from the point of view of consumers when they buy goods and services. This index is also considered one of the most monitored indicators by traders and is considered a basic indicator for determining financial inflation and buying trends in society in Canada.
Canada's annual inflation rate fell to 6.3% in December of 2022, the lowest rate since February 2022 and below market expectations of 6.4%, compared to 6.8% in November and further down from the 1983 high of 8.1% from June. Price growth declined sharply for transportation (6% vs. 8.5% in November), as lower crude oil standards worldwide eased inflation for gasoline (3% vs. 13.7%), and other fuels (52% vs. 73.4%). Shelter prices also slowed (7% vs. 7.2%), as the decline in homeowner replacement inflation offset the increase in mortgage costs. Food costs were also mitigated (10.1% vs. 10.3%), due to lower prices in grocery stores (11% vs. 11.4%). On a monthly basis, Canadian CPI fell 0.6%, the largest drop since April 2020

Outlook for today's statement and how it will affect the currency

Expectations indicate that inflation data will decline to a rate of 5.2%.
If the statement is issued below expectations, it will affect the currency in a negative way, but if the statement is issued at a rate higher than expected, it will affect the currency in a positive way

The release timing of the statement

The statement will be issued at exactly half past four in the evening, Mecca time