The country that many Canadians watch most closely would be the United States. I would say, broadly, that in the United States right now, the economy is relatively stronger compared to the Canadian economy, and inflation is a little “stickier”; that's the term we would use. They're having a more difficult time getting inflation down. Underlying inflation looks to be coming down a little more quickly in Canada. We need to see more data, but that has been what I would characterize as the most recent trend.
On May 7th, 2024. See this statement in context.