It's really quite straightforward. We're in an economy that still has major parts that are very weak. There are still far too many unemployed Canadians. There are large parts of the economy that remain well below their capacity. That is all putting downward pressure on inflation.
To give you a picture in terms of actual Canadians, we're still 300,000 jobs below where we were pre-pandemic. For more than a year, Canadian students who have graduated and Canadians who have entered the labour force, it's about 500,000 below the pre-pandemic level.
That is putting downward pressure on inflation. We are committed to supporting the recovery, getting Canadians back to work, and that is critical to get inflation sustainably at our 2% target. That is what is guiding our policy decisions.