High global energy prices may hurt inflation outlook, Bank of Canada governor says
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Published: October 17, 2026 at 2:40p.m. EDTBank of Canada governor Tiff Macklem is warning that persistently high global energy prices will drive up the outlook for inflation at home. While Macklem said global resilience is being tested after a series of shocks, he also expressed some confidence in Canada’s ability to weather the storm. The head of the Bank of Canada spoke to reporters on Saturday in a press conference from the sidelines of the International Monetary Fund meetings in Bangkok. He said the prevailing message from his peers at the summit is that the global economy has been performing better than expected in the face of ongoing wars in Iran and Ukraine, sweeping trade disruptions and higher borrowing costs from rising bond yields. But Macklem also said that resilience is increasingly “under strain” as shocks like the Middle East conflict persist and drive up energy prices. Some of those sources of resilience -- like releasing global oil reserves -- are being depleted, he said. “You can only release strategic energy, oil reserves so many times, but that has helped contain this energy price shock,” Macklem said.
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