Look, you don't get to 8% inflation because one thing went wrong. It's a combination. My response to an earlier question reflected both global factors and domestic factors.
There are two things that really stand out. One is that almost every country around the world saw a big surge of inflation coming out of COVID. Every major advanced country did and certainly every G7 country did. That really reflected the fact that in all of our countries, as we got vaccines and came out of COVID, demand recovered much more rapidly than supply.
When demand runs well ahead of supply, two things happen. You can't get the things you want to buy, and that's what Canadians saw. You want to buy something, but it's not available, so you're put on a long waiting list. When that happens, pretty soon businesses start raising prices. We saw this surge of inflation around the world. As I said, that affected global prices, which spilled into Canada, and similar things were also happening here in Canada that reflected the prices that were more determined in Canada.
Central banks around the world have raised rates rapidly to slow demand and let supply catch up, and it's working. It's not working as quickly or as painlessly as everybody would like, but it is working. Inflation has come down quite a bit. We think there are further declines in the pipeline.