The Financial Post reports in its Tuesday edition that inflation numbers for December -- described 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. National Bank economist Jocelyn Paquet is forecasting that the 12-month rate will accelerate to 3.4 per cent. In November, the consumer price index accelerated 3.1 per cent year-over-year. Ms. Paquet does not appear worried that the increase might mean inflation is on the rise again. She and others on Bay Street have noted the expected inflation increase reflects "a highly negative base effect" as a significant decline in gasoline prices drops out of the year-over-year headline calculation, while at the same time outpacing gasoline price decreases from last month. Ms. Paquet is calling for core median and core trim to continue to ease, bolstering the bank's arguments that it has hiked enough.