The Globe and Mail reports in its Monday edition that inflation in Canada is poised to hit the highest level since December, 2023, when the data for April are released Tuesday morning. Guest columnist Amber Kanwar writes that the culprit is obvious: gas prices surged 21 per cent in March and another 8 per cent in April. "That jump in headline inflation, and the prospect for some further pressure next month, is all the market needs to keep on pricing in strong odds of Bank of Canada rate hikes later this year," wrote BMO chief economist Douglas Porter. However, raising rates would be a mistake, argues Mr. Porter. "Our view is that the conditions are just not there to have core inflation erupt like they did four years ago, and that the oil price shock will not fan out to broader inflation."