- Bank of Canada Governor Tiff Macklem sees more evidence that higher oil prices support Canadian economic growth and expects a higher inflation forecast at the end of the month.
- Canada is a net exporter of energy, which Macklem says creates differential effects for the country versus most other major economies.
- Fuel oil rose 15.3% in September from the prior month and 74.2% for the year, and surging gasoline and fuel oil prices drove up inflation in September.
- New England faces likely record-high heating oil costs for homeowners and businesses this winter.
- At the IMF annual meeting in Bangkok, policymakers from more than 100 countries describe global growth as stronger than feared despite sky-high oil prices and geopolitical turmoil, with the Guardian warning that the resilience may not last.
Quotes
“Sky-high oil prices and geopolitical turmoil have made less of a dent than feared”
“Surging gasoline and fuel oil prices drove up inflation in September”