Our objective is to get inflation on our target of two per cent. The only time it will sustainably be at two per cent is when the economy is also operating at capacity. If the economy were operating below capacity, there would be downward pressure on inflation, and if it were operating above, there would be some upward pressure on inflation. For quite some time we have been below Canada's capacity and inflation has been struggling to get up to our target. It's only in the past year that we have converged quite close to capacity, and inflation is now at 2.3%, according to the latest data. So we got there, of course, with a combination of a healing economy, after all the damage that we had before and the subsequent damage that came from the oil price shock. Those are the two major things, the global financial crisis and then the oil price shock, that set us back over the last decade. What has brought us back is healing in the various sectors, promoted by both monetary and fiscal policies throughout.
On April 23rd, 2018. See this statement in context.