# BoC's Macklem signals more rate hikes as Oil fuels inflation risks

> Bank of Canada Governor Tiff Macklem told the House of Commons Finance Committee that further rate hikes may be needed because Middle East war keeps energy prices high. He expects CPI to reach 3.5% by year-end and stay above 3% through much of 2027.

- Date: 2026-11-03 · published 2026-11-03T18:09:30.427Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/78106-boc-s-macklem-signals-more-rate-hikes-as-oil-fuels-inflation-risks
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Canola Meal](https://feedsoft.ai/c/CANMEAL.md)

## Why it matters

Higher Canadian rates and sustained energy costs raise input and transport costs for feed producers, while a firmer CAD tied to oil could affect Canadian canola and meal export competitiveness.

## Read by commodity

- WTI: bullish ▲
- CANMEAL: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2026-03-03 | [US dollar firms on renewed inflation risks; market pares back rate-cut outlook  \| Reuters](https://feedsoft.ai/events/10710-us-dollar-firms-on-renewed-inflation-risks-market-pares-back-rate-cut-outlook.md) | +33.1% | +46.3% |
| WTI | 2021-12-16 | [Canadian dollar rallies as more central banks move on inflation - The Globe and Mail](https://feedsoft.ai/events/43854-canadian-dollar-rallies-as-more-central-banks-move-on-inflation-the-globe-and.md) | +2.7% | +15.7% |
| WTI | 2018-05-07 | [Dollar marches to 4-month high as oil rally points to higher inflation - MarketWatch](https://feedsoft.ai/events/65209-dollar-marches-to-4-month-high-as-oil-rally-points-to-higher-inflation.md) | +1.4% | -7.1% |
| WTI | 2026-05-18 | [Euro declines as risk aversion, Fed rate hike odds increase](https://feedsoft.ai/events/19477-euro-declines-as-risk-aversion-fed-rate-hike-odds-increase.md) | -8.1% | -22.7% |
| WTI | 2026-07-23 | [Traders stick with ECB rate-hike bets as oil touches $100 once more - AOL](https://feedsoft.ai/events/18558-traders-stick-with-ecb-rate-hike-bets-as-oil-touches-100-once-more-aol.md) | -2.1% | -0.7% |

## Sources

- fxstreet.com: https://www.fxstreet.com/news/bocs-macklem-signals-more-rate-hikes-as-oil-fuels-inflation-risks-202611031620

---
Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.