Generally speaking, yes. The bottom line is that we think—and again, our assessment has changed over the year—that the majority of the strength we're seeing in inflation now—apart from weather-related effects that affected some crops and that are, of course, temporary by nature—whether in Canada, the U.S. or elsewhere, is simply the result of the fact that there is a tremendously strong appetite for goods globally right now, and firms haven't been able to produce enough of those to meet demand, so prices have been creeping up.
On January 24th, 2022. See this statement in context.