The Globe and Mail reports in its Tuesday, March 17, edition that the body advising global central banks has cautioned against hasty reactions to the recent surge in energy prices. A Reuters dispatch to The Globe reports that the recent 40-per-cent rise in oil prices and nearly 60-per-cent increase in wholesale gas prices have drawn parallels to 2022, when inflation soared after Russia's unprovoked invasion of Ukraine and the post-COVID economic reopening. Central banks like the U.S. Federal Reserve and European Central Bank raised interest rates to decades-high levels but faced criticism for initially misjudging the situation's impact as transitory. This time, financial markets have been quick to reprice expectations, betting central bankers will not want to make the same mistake again, although the Bank for International Settlements (BIS) used its latest report to urge caution. BIS economic adviser Hyun Song Shin said: "If it's a supply shock, and certainly if it's a temporary one, these are the textbook examples where you should look through and not react with monetary policy. It really depends on how long the conflict lasts and how long the rise in the oil price will be sustained."