Thanks.
Although we're all quite happy that inflation's down and the rate at which prices are increasing has slowed across Canada, price levels also remain elevated. According to Stats Canada, compared with September 2021, the CPI rose 12.7% in September. Canadians continue to feel the impact of higher price levels for day-to-day basics such as rent and food purchased from stores, which increased 21% and 20.7%, respectively, during that same three-year period.
In your view, what are the key factors driving these persistently high price levels in Canada? How is the Bank of Canada addressing these underlying issues?