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Bank of Canada says oil shock will raise near-term inflation

Carolyn Rogers said higher oil prices from the war in Iran will lift inflation soon and the Bank of Canada is rethinking how it reports core price measures to the public.

Mar 26th 2026 · Canada

Insights

  • Senior Deputy Governor Carolyn Rogers said the war in Iran and higher oil prices will push inflation up in the near term.
  • The central bank warned it must guard against higher petroleum costs spreading to other goods and services and becoming persistent inflation.
  • Policymakers are reviewing how they communicate core measures of price pressures to the public.
  • The comments underline the Bank of Canada's focus on monitoring pass-through from energy costs into broader inflation.

Sources