So the good news is that following the adjustments made by fiscal and monetary authorities over the past year, inflation is coming down. I fully expect it to return this summer to the 1% to 3% range set by the National Bank of Canada.
In the longer term, however, I remain convinced that the main challenge to keeping inflation at an acceptable level is to tackle the poor productivity performance of our economy.
Canada is simply lagging behind in terms of growth and capital stock—