The Financial Post reports in its Tuesday edition that eagerly anticipated inflation numbers for December -- described by one economist as "the main event" this week -- will be released by Statistics Canada today. The Post's Gigi Suhanic writes that after a series of unprecedented rate increases that peaked in July at 5 per cent, the Bank of Canada indicated it has likely increased rates enough to tame inflation with markets now expecting cuts as soon as the second quarter of this year, with the consumer price index data supplying a critical piece to the puzzle. Royal Bank of Canada economist Nathan Janzen expects headline inflation to accelerate to 3.4 per cent in December. "Still, the breadth and magnitude of inflation have continued to edge lower on balance," he said in a preview note on Jan. 12. Mr. Janzen estimated that the cost of mortgage interest accounts for around one-third of inflation excluding food and energy. "The BOC will continue to look through price growth from that component because the increase is a direct result of earlier interest rate hikes," he said, adding that increases in inflation have been running between 1 per cent and 3 per cent, which is in the Bank of Canada's target range.