“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.
