What do you make of the energy-inflation story?

Fuel prices are pushing inflation up in the UK, US and Canada simultaneously (UK CPI, US CPI, Canada CPI). The transmission is textbook — the central bank responses might not be.

Discuss:

• how energy-driven inflation differs from demand-driven
• which central banks you expect to respond, and how
• the currencies you're watching because of it

Background: oil and CAD.