Thank you, Mr. Chair.
Mr. Macklem, thank you for being here. We know that this is quite a busy period for you. We sincerely appreciate the opportunity to spend some time with you.
I would like to come back a bit to something you said, which was really important, about how it depends on what we spend on as a government. At the core, inflation is a result of supply and demand. If we spend to increase the supply, that relieves the pressure on inflation. That was a good clarification. Thank you for that.
My question to you, Governor, is about global inflation and the global response to inflation by using monetary policy. As one example, I have in front of me the OECD chart on inflation, including the forecast for OECD members. It all follows the same pattern. There may be some isolated cases there, but overall, there's a global phenomenon of inflation. The forecast seems to be good news in 2022-23, but could you please put the inflation in Canada into global perspective?