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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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Canada’s Homegrown Counterattack: Tackling Trade Turmoil from Within

 

In the wake of President Trump’s aggressive tariff measures on Canadian imports, Canada is shifting its strategy from reactive tit-for-tat policies to a more robust, internally focused response. Rather than simply retaliating at the border, Canadian leaders are now championing a “buy Canadian” campaign that aims to strengthen domestic industries and reduce reliance on imports from the United States.

Following the announcement of steep U.S. tariffs—which target a broad range of Canadian products, from natural resources to consumer goods—Prime Minister Justin Trudeau and provincial officials quickly mobilized to mitigate the economic fallout. They have urged businesses and consumers alike to favor Canadian-made products and to invest in local supply chains. This approach not only seeks to cushion the economy from the immediate shock of retaliatory tariffs but also to build long-term resilience by boosting domestic production and innovation.

Officials explain that the new strategy is about “reinforcing our economy from within.” Provinces are already taking concrete steps, such as revising procurement policies and exploring incentives for local manufacturers, to ensure that more of the economic activity remains on home soil. In doing so, Canada hopes to not only deflect the adverse effects of Trump’s tariffs on its exports but also to compel the U.S. to face the consequences of its protectionist measures—an outcome that could eventually put upward pressure on American consumer prices.

This internally driven countermeasure represents a paradigm shift in Canada’s trade policy. Rather than waiting for external pressures to dictate economic outcomes, Ottawa is proactively investing in its own industries and securing the nation's long-term economic independence. As the trade dispute unfolds, Canada’s homegrown counterattack stands as a bold assertion of national sovereignty and economic self-reliance .

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