As I understand, and I think the governor just mentioned in his testimony, there doesn't seem to be any threat of inflation in Canada right now given the conditions that we are in because we still have significant excess supply in the economy. The rate of inflation right now, including core inflation, is well below the target level, so there do not seem to be any general inflation pressures in the Canadian economy. In certain areas such as food or other areas there may be some pressures, but not overall inflation.
On October 29th, 2013. See this statement in context.