Core inflation – which the central bank uses for its policies – jumped by an unexpected 4-tenths to 2.1% in August. However that is still well within the Bank's target range and it remains to be seen if this is a sustained acceleration that could require interest rate intervention.
Of course the American influence remains strong and the U.S. Fed has quieted the debate about its next move. It's latest policy statement continues to use the phrase "considerable time" when referring to its pledge to keep borrowing costs down. The Fed also indicated it would like to see stronger employment numbers before raising rates.
The Bank of Canada is definitely going to raise rates. The question they still don't know is when. All data indicates it will take some time before we see a rise.
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