Yes. Thanks so much for the question.
I know the committee is examining food price inflation, which is a specific part of the larger inflation picture. It's difficult to examine food price inflation without examining other sources outside of the direct food supply chain that might be driving up prices, looking beyond food manufacturing and farmers, for instance, to other big factors like the price of energy, which is playing a role throughout this.
In some of the work I've done on inflation more broadly, I've attempted to determine, within the Canadian context, how much of each inflation dollar is going to profits versus wages versus other financial costs and in which industries. I believe that's the study you're referring to—where has your inflation dollar gone?
Forty-seven cents of every inflation dollar we've spent—not on food but on everything in the Canadian economy—has ended up in profit in just four industries: oil and mining extraction; the manufacturing industry, particularly petroleum manufacturing or oil refining; the banking industry; and the real estate industry. Those four industries are capturing about half of every inflation dollar we're spending.