Thank you, Mr. Chair. I'm going to be moving to my conclusion shortly. I appreciate the committee's patience, because this is an extremely important issue.
How we calculate the inflation rate is something that I know all members find interesting, because it has such a marked impact on our daily lives. We need to know that our inflation rate is accurately calculated. It should include all of the essential goods that appear in the Bank of Canada calculation of the monthly variation in prices on which the annual estimate of the inflation rate is based. Certainly, the fact that there are regional variations is something we have to take into consideration as well.
We should be studying these regional variations with attention. Only careful study will give us an accurate picture of the inflation rates in each of the regions of our vast country, because there are significant differences, without a doubt. Because of the resource base in various parts of the country, there are substantial differences in the composition of our national basket of goods and services.
The Bank of Canada does a passable job in representing this core inflation rate. Surely no member of this committee would disagree with the idea that the inflation rate is much less punitive than imposing what we have in the current wording of Bill C-24, where we take the Treasury Board rate plus 4%. This ensures that we have an interest rate that not only respects the fact that the Government of Canada is not receiving those funds, but also respects how difficult it has been for softwood companies over the past few years and how difficult it will continue to be for them. Any interest that is owed is based purely on the core measure of inflation, as opposed to the kinds of penalties we see in clause 4.
I'd like to thank the committee for its indulgence in hearing me out on the inflation rate. It's certainly a passionate subject for me, and I appreciate the opportunity to speak on it.