The consumer price index for December will be the key economic report to be released this week, as the market waits to see just how much high energy prices are boosting inflation.

The CPI for December, due Wednesday, is expected to show prices quickened to a 2.3% rate from a 2%rate in November. Core prices are seen hitting 1.7% from 1.6%.

On Monday, the Bank of Canada releases its quarterly business outlook survey.

On Tuesday, Statistics Canada releases leading indicators data for December. Economists expect a rise of 0.3%.

On Wednesday, Statistics Canada releases its manufacturing survey for November. Economists expect a 0.3% increase in shipments over the previous month.

On Thursday, Statistics Canada reports on Canada’s international securities transactions in November. Economists expect a net gain of $3 billion.

On Friday, Statistics Canada reports on wholesale trade in November. Economists expect a 0.3% increase from the previous month.

South of the border, U.S. markets will be closed Monday in observation of Martin Luther King Jr. Day.

On Wednesday, the U.S. Conference Board reports on consumer confidence in December. Economists expect a rise of 0.2% from the previous month.

The U.S. National Association of Home Builders releases its housing index for January. Economists expect a reading of 59.

The U.S. Federal Reserve Board publishes its Beige Book, a compilation of anecdotal information on current economic conditions in its 12 districts.

On Thursday, the U.S. Commerce Department reports on housing starts and building permits for December. Economists expect 2,050,000 starts and 2,100,000 permits, at annualized rates.

The U.S. Labour Department reports on initial jobless claims in the week ending Jan. 14.

The Philadelphia Federal Reserve Bank issues its January regional factory index. A reading of 13 is expected.

On, Friday, the University of Michigan releases its revised index of consumer sentiment for January. Economists expect a reading of 92.8, up from 91.5 in August.

Fourth-quarter earnings season shifts into high gear this week with reports from such giants as Pfizer Inc., Apple Computer Inc., IBM, Intel Corp. and J.P. Morgan Chase & Co., Citigroup, General Electric, and Merrill Lynch.