Statistics Canada is set to publish inflation data for May on Tuesday morning.
A poll of economists provided by LSEG Data & Analytics expects the annual pace of inflation held steady at 1.7 per cent last month.
Bank of Montreal, however, is calling for inflation to slow further to 1.5 per cent.
BMO expects cooling in shelter inflation from easing rent and mortgage costs helped bring price pressures down.
Today’s figures mark the first of two inflation reports the Bank of Canada will see before its next interest rate decision on July 30.
The central bank held its policy rate steady at 2.75 per cent for the second time in a row earlier this month as it waits to see how Canada’s tariff dispute with the United States will affect inflation and the wider economy.