Market players will be focussed on inflation reports in both the U.S. and Canada this week.

In Canada, the consumer price index for April is due Friday. Economists expect the index to rise to 2.4% on an annualized basis, a notch higher than the 2.3% rate in March.

The core index, which excludes the eight most volatile items in the index and is closely watched by the Bank of Canada, is forecast to remain unchanged at 1.9%.

“Despite falling crude oil prices in April, Canadians faced higher energy bills in the form of elevated prices at the pump, rising home heating costs and a mandated increase in Ontario’s electricity prices,” said Eric Lascelles, an economist at TD Securities Inc. Overall though, “price pressure remains benign, and wage growth appears muted, despite Canada’s rock-bottom unemployment rate.”

In the U.S., two inflation reports will be released. Tuesday’s producer price index is expected to have risen 0.4% in April, a slower rate than the 0.7% gain in March.

On Wednesday, the consumer price index, meantime, is expected to slow to 0.4% from 0.6%. The core index, which excludes food and energy costs, is seen falling to 0.2% from 0.4%.

In addition to the inflation reports, the economic calendar is full for the coming week.

On Monday, the Canadian Real Estate Association reports on existing-home sales in April.

As well, the New York Federal Reserve Bank releases the Empire State index on manufacturing activity in May. Economists expect a reading of 12.

On Tuesday, the U.S. Commerce Department reports on housing starts and building permits in April. Economists expect annualized figures of 1.98 million and 2.035 million, respectively.

The U.S. Federal Reserve Board reports on industrial production and capacity utilization in April. Economists expect production to grow 0.2%, and the utilization rate at 79.5%.

On Wednesday, Statistics Canada reports on Canada’s international transactions in securities in March. Economists expect a net inflow of $1.5 billion.

Separately, StatsCan reports on wholesale trade in March. Economists expect an increase of 0.5%.

On Thursday, the U.S. Conference Board will release its index of leading indicators for April. Economists predict a 0.2% decline.

The U.S. Labour Department reports on initial jobless claims in the week ending May 14. Economists expect 330,000 new claims.

The Philadelphia Federal Reserve Bank issues its regional factory index for May. Economists expect a reading of 17.3.

On Friday, in addition to the CPI report for April, StatsCan reports on retail trade in March. Economists expect a 0.2% drop.

The coming week will see gap in the earnings parade ahead of the Victoria Day long weekend.

In Canada, Goldcorp Inc., Bema Corp., Alliance Atlantis Communications Inc., Linamar Corp. and Zarlink Semiconductor Inc. are all scheduled to release earnings.