It's already showing up in people's baskets. When you go to the grocery store right now, a basic loaf of bread is $2.40 or $2.50, whereas was $1.60 last fall. Inflation is fundamentally a phenomenon driven by monetary policy, however, and it really depends upon whether the Bank of Canada is going to monetize that—which I'm afraid the Fed is doing right now in the United States, by the way. As a macroeconomist, I'm quite worried that the Fed is actually feeding long-term inflation in the United States by its huge cuts in interest rates.
You can have price changes without having inflation, as long as you don't create the liquidity within your economy for that to turn into inflationary forces. Our dollar went from 85¢ to parity with the U.S. dollar in six weeks, and that, of course, cut all of our import prices at the same time as wheat prices were going out. It's that balancing act that the central bank is dealing with every day.