Bank of Canada Governor Tiff Macklem said the central bank expects to significantly raise its quarterly inflation forecast because crude oil and petroleum product prices remain high. The updated forecasts will inform the bank’s October 28 interest-rate decision. Macklem said the Middle East conflict, curtailed shipments and refinery damage have increased the risk that inflation becomes broader and more persistent, while Canada’s status as a net energy exporter provides different growth effects from higher oil prices. Markets were not pricing a rate increase for October or December as of Saturday, but expected 100 basis points of increases next year.