The Financial Post reports in its Thursday, Nov. 5, edition that Governor Tiff Macklem says the Bank of Canada must act as the risks of persistent inflation rise due to elevated global oil prices. The Post's Paula Tran writes that Mr. Macklem says the BOC will take a cautious approach in future policy rate talks due to ongoing geopolitical conflicts in the Middle East and renewed trade tensions with the United States, which contribute to elevated uncertainty. He says: An increase in the policy rate was needed to reduce the risk that elevated energy prices could spill over and become generalized inflation. ... The [BOC] remains committed to maintaining Canadians' confidence in price stability through this period of global upheaval." Canada's inflation rate has been hovering at around 3 per cent for three consecutive months due to higher global oil prices caused by the renewed strikes in the Middle East, after diplomatic talks between Iran and the U.S. broke down earlier this year. It ticked up to 3.1 per cent year over year in September after hitting three per cent in August and July, mainly due to higher energy prices after global refinery capacity was significantly reduced by the Iran and Russia-Ukraine wars.