There are a couple of things. First of all, as I think you know, the target is total CPI inflation. That's what matters to Canadians in what they buy. It was 0.7 in October, and, yes, as the oil price shock falls out of the year-over-year number, we would expect inflation to come up gradually, but there is a tremendous amount of excess or unused capacity in the economy.
More than 600,000 Canadians have not got their jobs back, and our view is that we're in a very slow phase of the recovery. We started the reopening phase with a very impressive bounce back in economic activity. That reopening phase is now over and we're into a slower, choppier, bumpier, tougher recuperation phase where we still have a lot of unemployment. Just to put that 600,000 in perspective, at the worst part of the 2008-09 financial crisis in Canada, we lost about 430,000 jobs. We still have more than that to get back.