Story perspectives

Bank of Canada Holds Rate at 2.25% Despite 3.1% CPI

By Drooid · Oct 22, 2026, 2:47 PM UTC · How we work

Summary

Story summary

Bank of Canada kept its policy rate at 2.25% after September CPI showed 3.1% inflation.
UK inflation hit 3.5% in September as diesel topped £2 per litre, the chief driver.
Office for National Statistics identified fuel price hikes as the primary cause of the UK surge.
France’s September consumer prices rose 3.4% YoY, prompting nationwide protests over fuel costs.

History

Historical Context

In October 1973 OAPEC imposed an oil embargo on the United States, United Kingdom, Canada, Japan and others, driving crude from $3 to about $12 per barrel—a rise of roughly 300%. The shock sparked worldwide inflation and forced central banks to tighten policy, a pattern echoed today as the Bank of Canada holds rates at 2.25% and the UK faces 3.5% inflation.

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Story summary

Bank of Canada kept its policy rate at 2.25% after September CPI showed 3.1% inflation.
UK inflation hit 3.5% in September as diesel topped £2 per litre, the chief driver.
Office for National Statistics identified fuel price hikes as the primary cause of the UK surge.
France’s September consumer prices rose 3.4% YoY, prompting nationwide protests over fuel costs.

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