There are a few key messages.
The first message is that inflation is coming down. It probably peaked last summer. It was over 8% and it's now a little over 6%. It's coming down. We are very aware that 6% is still too high. Six is better than eight, but 6% is still too high. We are acutely aware that Canadians continue to be harmed by high inflation.
The second message is that the Bank of Canada has responded forcefully. We have raised interest rates rapidly. It's working. It is starting to rebalance the economy. Inflation is starting to come down. Over the course of the next number of months, we expect to see inflation come down considerably, so that by around the middle of this year inflation will be around 3%.
The third message is that at the Bank of Canada, we are committed to getting inflation all the way back to 2%, so that Canadians can count on low, stable and predictable inflation in the future.