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Bank of Canada Expected to Hike Oct. 28 as Inflation Rises

By Drooid · Oct 26, 2026, 11:57 AM UTC · How we work

Summary

Story summary

Bank of Canada Governor Tiff Macklem expects to raise the benchmark interest rate on Oct. 28.
September inflation rose to 3.1% as gasoline prices jumped 6.1%.
Core inflation excluding energy fell to 1.9% and 1.8%, under the 2% target.
Traders assign over 80% probability to a quarter-point hike and price four hikes within a year.
Macklem warned that oil prices near US$100 could raise inflation and may require further rate hikes.

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Story summary

Bank of Canada Governor Tiff Macklem expects to raise the benchmark interest rate on Oct. 28.
September inflation rose to 3.1% as gasoline prices jumped 6.1%.
Core inflation excluding energy fell to 1.9% and 1.8%, under the 2% target.
Traders assign over 80% probability to a quarter-point hike and price four hikes within a year.
Macklem warned that oil prices near US$100 could raise inflation and may require further rate hikes.