Mr. Michael Gregory at the Finance Committee

On March 23rd, 2023. See this statement in context.

March 23rd, 2023 / 12:15 p.m.

Managing Director, Deputy Chief Economist and Head of U.S. Economics, BMO Capital Markets

The 2% was in reference to headline inflation over the last three months. If you want to really compare apples to apples, you're looking at around a 3% pace in Canada for core inflation, versus around 5% in the U.S.

There's definitely more stubbornness on U.S. inflation. That is reflective of—

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