The Globe and Mail reports in its Monday, April 27, edition that the Bank of Canada is likely to keep interest rates unchanged on Wednesday, despite rising energy prices. The Globe's Mark Rendell writes that the recent conflict in the Middle East has led to a sharp increase in global oil prices, with Canadian gasoline prices rising 21 per cent in March -- the largest one-month increase on record -- pushing annual inflation to 2.4 per cent from 1.8 per cent. The BOC is monitoring energy prices but is not expected to make immediate changes. Governor Tiff Macklem said earlier this month: "You don't want to jump too early and raise interest rates and lower growth, particularly when growth is already weak. On the other hand, you don't want to be late and let inflation get a hold and become entrenched." The U.S. Federal Reserve also has a rate decision on Wednesday, where it is widely expected to leave its benchmark rate unchanged. At the past BOC decision in March, Mr. Macklem held the bank's policy rate steady at 2.25 per cent and said he'd "look through" the oil price shock so long as it didn't drive up other consumer prices or boost longer-term inflation expectations. So far, inflation looks fairly well contained.