The Financial Post reports in its Wednesday, May 6, edition that the Bank of Canada will have no choice but to raise interest rates if high energy prices and inflation become persistent, Governor Tiff Macklem told MPs on the House of Commons' finance committee on Monday. The Post's Paula Tran writes that Mr. Macklem used his appearance at the committee to reiterate his core message: That the BOC is monitoring the Iran war's impact on inflation and it is prepared to do anything necessary to prevent persistent inflation if energy prices stay high. Mr. Macklem said the BOC aims to keep inflation near the 2-per-cent target, but elevated uncertainty may require a nimble monetary policy. "As the outlook evolves, we stand ready to respond as needed." That response may include interest rate hikes in the near future if inflation starts to bleed through to other goods and services, he said. For now, inflation seems to be contained to energy prices and core inflation remains relatively anchored, he noted. "What we don't want to see is, particularly, is if the price goes higher and stays high." Mr. Macklem's testimony came after the BOC held its policy interest rate at 2.25 per cent for the fourth consecutive time on Wednesday.