Inflation risks are rising as oil shock lingers, Macklem says

Skip to Content News Archives Economy Defence Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Defence Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Defence Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomeNewsEconomyInflation risks are rising as oil shock lingers, Macklem saysBank of Canada governor spoke to reporters from the IMF meeting in BangkokBank of Canada Governor Tiff Macklem speaks during the Annual Meetings of the International Monetary Fund (IMF) in Bangkok. Photo by Lillian SUWANRUMPHA / AFP via Getty ImagesStatistics Canada is scheduled to release September’s Consumer Price Index data today, a last look at inflation before the central bank announces its overnight interest rate later this month.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountHigher energy prices have lifted inflation past the Bank of Canada’s two per cent target since May, and the overall inflation rate sat at three per cent in July and August.This advertisement has not loaded yet, but your article continues below.Economists largely expect that inflation edged up again in September as Brent crude and West Texas Intermediate crude prices continued to hover at around US$100 per barrel, which raised prices at the pumps for consumers.SUBSCRIBER EXCLUSIVE: FP West: Energy Insider brings you behind the oilpatch’s closed doors with exclusive insights from insiders every Wednesday morning.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of FP West: Energy Insider will soon be in your inbox.We encountered an issue signing you up. Please try againAn uptick in consumer prices would put more pressure on the Bank of Canada to raise its overnight rate — currently at 2.25 per cent — for the first time in a year.“To date, the bank has been looking through the direct impact of higher oil prices on inflation. So far we’ve seen limited evidence that these higher energy costs are spreading broadly to other goods and services…. With the conflict ongoing, shipments still curtailed and refinery capacity damage, the risk that inflation broadens and becomes more persistent has gone up,” Bank of Canada governor Tiff Macklem told reporters in a call after an International Monetary Fund meeting in Bangkok on Saturday.“Our beacon is our two per cent inflation target, and we are committed to keeping inflation close to target over time. We’re prepared to adjust monetary policy as needed.”This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.