The Iran war both hampered business confidence and sent inflation expectations soaring, the Bank of Canada revealed in a new set of business outlook surveys published Monday.

Bank of Canada survey finds consumers are blaming high cost of energy in plans to scale back spending and driving, and will take more time looking to buy cheaper alternatives.

Iran conflict raises Canadian inflation to 2.8%. Crude oil reaches new all-time high by September 30 at 2.6% YES.