Thanks very much, Chair. I'm going to share my time with Mr. Beech.
Mr. Macklem and Ms. Rogers, thank you very much for being here again and for all of your hard work in trying to tackle what for most of my constituents has been their number one challenge and number one priority: the rising cost of living and the affordability challenge that comes with that. I thank you for your leadership and your work in that regard.
Governor, if I may, I'd like to start by summarizing for the folks watching at home who haven't been able to watch this entire hearing some key takeaways from what you've said. You can tell me if I'm misspeaking or mis-characterizing what you've said.
Inflation in Canada was at a high of about 8.1% this past summer. We're now, based on today's figures, at an annual inflation rate of around 4.3%. Your projection is that inflation will be 3% sometime this summer, 2.5% by the end of this year and reaching your target of 2% by the end of 2024.
On the unemployment rate, we're currently around a historic low of about 5%, and it's projected to stay low. Although it can vary a bit, you're not expecting large increases in unemployment.
In terms of wage growth, we're projecting that it will continue to be strong, at least for the short term, and you're projecting that the economy will continue to grow.
Is that a fair summary of some of the things you've said today?