Everywhere in the world, extreme weather events are more frequent. Take, for example, the drought conditions and bad wildfire seasons we've experienced in Canada. Those events affect prices.
Droughts affect the price of agricultural products. As a result, prices fluctuate more, which leads to inflation. We are trying to understand inflation trends. We can't control all short-term price fluctuations, but we want to keep inflation close to 2%.
That means we have work to do. Underlying inflation indicators help us with that.