It will be a full week for economic news, but traders will be paying particularly close attention to reports on Canadian inflation and retail sales.

Statistics Canada delivers the latest consumer inflation figures first thing Tuesday morning with the release of the consumer price index in May.

Economists expect the annual rate of inflation to climb to 2.1% from 1.6% in April, due to the recent record high prices for oil.

However, core inflation, which excludes the index’s eight most volatile components, is forecast to move in the opposite direction. On average, economists are expecting the 12-month core rate to ease to 1.5%, from 1.8% a month earlier.

Tuesday will also bring the release of the leading indicator for May by StatsCan.

On Wednesday, the statistical agency will report wholesale trade figures for April.

Traders may get a hint of the Bank of Canada’s reaction to the May inflation report, when Governor David Dodge makes a speech in France on Thursday.

StatsCan releases its report on April retail sales on Friday. Analysts expect a solid 0.7% increase, following a 1.2% jump in March, thanks largely to strong auto sales. Excluding autos, retail sales are seen climbing 0.2%, with a cool, damp spring likely taking a toll on some merchants.
Here’s what to expect for the week:

It’s a relatively quiet week for economic news in the United States. Thursday will bring the April report on U.S. durable goods orders.

On Friday, traders get a look at the final numbers for U.S. first-quarter gross domestic product, and revised numbers for consumer sentiment for June.

In earnings news, ATI Technologies Inc. Cognos Inc. are expected to report much-improved profit and sales when they open the books on their latest quarters this week.

Cognos reports on Wednesday, while ATI reports on Thursday.