Global oil prices remain high as the Middle East conflict persists, raising questions about a potential comeback of the broad-based inflation Canada experienced during and after the pandemic.

But, this shock is fundamentally different from the past. Unlike 2022, when the Russia-Ukraine war compounded systemic supply chain disruptions from pandemic lockdowns, today's commodity shock is narrowly concentrated in oil, and unfolding at a time when global supply chains are more resilient.

In this episode of the 10-Minute Take, join RBC Economics' Claire Fan and Carrie Freestone as they discuss:

• How the scope and scale of the commodity price shock differs from the Russia-Ukraine war in 2022.
• What localized and contained supply chain disruptions this year could mean for global inflation.
• Why Canadian consumers could be less tolerant of rising prices than they were in 2022.