It is fair to say. One of the jobs of the Bank of Canada in managing inflation targeting is to explain where the economy is today, and the nature of the shocks hitting the economy. These can sometimes be positive, sometimes negative. At the moment, they feel a little more negative from outside, but we also get tailwinds from time to time. We need to explain those and give a sense of what the optimal horizon is to return to that 2% inflation target.
On November 1st, 2011. See this statement in context.