Energy prices are driving inflation. What will central banks do?

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Energy prices are driving inflation. What will central banks do?
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As Canadian inflation accelerated in August, higher energy prices are fueling price increases and complicating efforts by the Bank of Canada to restore price stability.

, up from 3.3 per cent a month earlier. On a monthly basis, Statistics Canada said gasoline prices rose 4.6 per cent as a result of production cuts from oil producing nations.Going forward, the Bank of Canada will have to consider the impact of higher energy prices, Sadiq Adatia, the CIO of BMO Global Asset Management, said in an interview with BNN Bloomberg on Tuesday.

“The question for the will be what the second-round impact of higher energy prices will be on underlying inflationary pressures, and core inflation is likely to remain stickier than the central bank anticipated,” St-Arnaud said. “Most of the acceleration in year-over-year price growth came from rising energy costs - gasoline prices edged above year-ago levels for the first time since January with oil prices boosted by supply caps from key major oil producers,” the note said.

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