The Globe and Mail reports in its Monday, Oct. 19, edition that Governor Tiff Macklem expects the Bank of Canada to revise its inflation forecast higher at its interest-rate announcement later this month. The Globe's Mark Rendell writes that Mr. Macklem noted on Sunday that oil prices have been much higher than the bank expected when it published its last quarterly forecast in July. At that time, the bank expected the price of a barrel of Brent crude to average about $75 in the third quarter (all figures U.S.). Today, Brent, the international benchmark, is trading at about $110, while West Texas Intermediate is $101. Mr. Macklem said: "If oil prices stay around $100, we expect inflation to gradually drift up from where it is today: 3 per cent. ... We can't really do anything to affect inflation today or over the next couple of months. We need to look out six months, a year from now: Where do we think inflation is going to be? ... And look, the question we're going to be asking ourselves is: Is inflation likely to come back down toward our [2-per-cent] target on its own, or are we going to have to raise interest rates to influence the path, nudge the path for inflation back toward the target."