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Macklem Just Raised the Inflation Alarm: What Monday’s CPI Means for Your Wallet

  Canadian Money Brief  |  Sunday, October 18, 2026  |  Written ahead of Monday’s 8:30 am ET inflation release Bank of Canada Governor Tiff Macklem has just told Canadians what the central bank is about to say on October 28: its inflation forecast is going up, and by a lot. The reason is oil. With the Middle East conflict dragging on, shipments still curtailed and refinery capacity damaged, he said the risk that inflation broadens and lingers has gone up. Speaking to reporters from Bangkok on Saturday, he framed the coming decision as a simple question: will inflation drift back toward 2% on its own, or does the Bank need to raise rates to nudge it there? Monday is the first real clue. Here is what is landing, what economists expect, and what it could mean for your gas bill, your grocery cart, your heating costs and your mortgage. 3.0% August CPI, year over year 3.2% September consensus (Reuters poll) 2.25% BoC policy rate, unchanged for nearly a year Oct 28 Rat...
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National Climate Action Plans Remain Insufficient to Limit Global Temperature Rise to 1.5 Degrees Celsius

 


The recent report from UN Climate Change has found that national climate action plans remain insufficient to limit global temperature rise to 1.5 degrees Celsius and meet the goals of the Paris Agreement. The report indicates that even with increased efforts by some countries, much more action is needed now to bend the world’s emissions trajectory further downward and avoid the worst impacts of climate change.

The report is a red alert for our planet, and it shows why governments must make bold strides forward at COP28 in Dubai, to get on track. 

COP28 is the 28th annual United Nations (UN) climate meeting where governments will discuss how to limit and prepare for future climate change. 

The conclusion of the first global stocktake at COP28 is where nations can regain momentum to scale up their efforts across all areas and get on track with meeting the goals of the Paris Agreement. The stocktake is intended to inform the next round of climate action plans under the Paris Agreement (known as nationally determined contributions, or ‘NDCs’) to be put forward by 2025, paving the way for accelerated action.

The latest science from the UN’s Intergovernmental Panel on Climate Change indicates that greenhouse gas emissions need to be cut 43% by 2030, compared to 2019 levels. This is critical to limit temperature rise to 1.5 degrees Celsius by the end of this century and avoid the worst impacts of climate change, including more frequent and severe droughts, heatwaves and rainfall.

The report shows that governments combined are taking baby steps to avert the climate crisis. It’s time to show the massive benefits now of bolder climate action: more jobs, higher wages, economic growth, opportunity and stability, less pollution and better health. Governments must not only agree what stronger climate actions will be taken but also start showing exactly how to deliver them.


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