Traders will get to see how strongly soaring energy prices are affecting inflation when Statistics Canada releases the consumer price index for September this week.

Economists are expecting the headline inflation to come in at a 3.3% annual rate. However, excluding the eight most volatile items, the core rate is seen at a more benign 1.6% rate.

“In Canada, CPI inflation will be everywhere in energy, and nowhere in anything else, mirroring what we saw in the U.S. figures for September,” said Avery Shenfeld, senior economist at CIBC World Markets, in a written commentary.

The U.S. CPI jumped 1.2% in September, the U.S. Labor Department said earlier this month. However, core inflation was up just 0.1% from August.

The September CPI report is due to be released Tuesday.

Also on Tuesday, Bank of Canada Governor David Dodge and senior deputy governor Paul Jenkins testify before the House finance committee on the Monetary Policy Report.

On Wednesday Dodge and Jenkins testify before the Senate banking committee on the Monetary Policy Report.

On Thursday, Statistics Canada releases its business conditions survey for October.

On Friday, StatsCan reports on the industrial product and raw materials price indexes in September. Economists increases of 0.5% and 3.9%, respectively, from the previous month.

South of the border, the U.S. Conference Board reports on consumer confidence in October on Tuesday. Economists expect a reading of 88, from 86.6 in September.

Meanwhile, the U.S. National Association of Realtors reports on existing home sales in September. Economists expect annualized sales of 7.2 million units.

On Thursday, the U.S. Commerce Department reports on durable goods orders in September. Economists expect a drop of 1.2%.

Separately, Commerce reports on new home sales in September. Economists expect annualized sales of 1,250,000.

The U.S. Labor Department reports on initial jobless claims in the week ending Oct. 22. Economists expect 340,000 claims.

On Friday, the U.S. Commerce Department releases its advance report on the gross domestic product in the third quarter. Economists expect annualized growth of 3.6%.

The University of Michigan releases its revised index of consumer sentiment for October. Economists expect a reading of 76, from 75.4 the previous month.

Corporate earnings will continue to dominate investors’ attention this week. By next Friday, over half of the companies on the S&P 500 composite index will have releasing earnings.

In Canada, EnCana Corp., Canadian Pacific Railway Ltd., Inco Ltd., Shell Canada Ltd., Thomson Corp., TSX Group Inc., Placer Dome Inc., Rothmans Inc., Falconbridge Ltd., Domtar Inc., Torstar Corp., Barrick Gold Corp., QLT Inc., Sun Life Financial Inc. and Suncor Energy Inc. will release financial results.