Statistics Canada will release its latest reading for May inflation today.

High oil and gasoline prices are expected to push inflation higher for the month.

The consensus among economists is that the annual inflation rate rose to three per cent in May, from 2.8 per cent in April.

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T-D Bank senior economist Andrew Hencic says gasoline prices rose in May, so that will push inflation higher for the month, but oil prices have since come off their highs.

So, he says, he will be looking to see what prices are doing beyond gasoline in the report.

The Bank of Canada, which has a two per cent target for inflation, has said there has been limited evidence of a broad-based pass-through of higher energy prices to the cost of other things so far.