The Globe and Mail reports in its Saturday edition that five years ago, Canadian prices began to surge, leading to the worst inflation in 40 years. The Globe's Tim Shufelt writes that in March, Canadian prices rose by nearly 3 per cent year-over-year, after removing tax effects. That's up from 1.9 per cent the month prior. The next batch of data will almost certainly be worse. The International Monetary Fund warned that U.S. headline inflation could reach 4 per cent by summer, and if the Iran war continues, global inflation may exceed 5 per cent for the year. The refrain of the moment: "Looking through" the war's immediate effects. That's what Tiff Macklem said the Bank of Canada will do. It's the consensus among economists as well. Investors, too, judging by the record high notched by the S&P 500 Index on Friday. Everyone is looking through. The dominant assumption is still that this mess will be unwound in short order, the financial fallout contained and a price shock averted. But the war is already two months old. BMO economist Scott Anderson says: "Another wave of inflation has begun; where it stops, no one knows. This energy price shock may have a longer tail than investors currently believe."