If you just want a number, if you take CPI excluding shelter, it's going up, at 2.4%. You can see that shelter is making a big contribution. Currently, inflation is 3.4%. It's making sizable contribution.
In terms of our policy, though, I would emphasize a couple of things.
First of all, Canadians are paying shelter costs. They are real costs. I don't need to tell you. You're even more aware than I am. It's really having an effect on Canadians. You can't just ignore them. This is really affecting Canadians.
The second thing is that even if you strip out shelter costs and you look at the rest of inflation, shelter is not the only source of underlying inflationary pressures. That is one way to look at it. The number I gave you is for shelter. It's the biggest thing that's contributing on the upside. There are also some things that are unusually weak on the downside.
If you use a more systematic approach to strip out the unusual ups and the unusual downs, inflation looks to be at about 3.5%. If you look at our core measures, CPI-trim and CPI-median are 3.6% and 3.7%; CPI excluding food and energy, which is a very simple way to strip out some of the big movers, is 3.4%. That's telling you the centre of the distribution is still above 3%.
Another way to look at that is to look at the number of components of the CPI that are rising faster than 3%. That's still over 50%. More than 50% of the basket is still rising. Normally, that number is quite a bit lower.
Shelter costs are an important factor, but they're not the only factor.