(See Peneva and Rudd, 2015, for some suggestive evidence along these lines.) More generally, movements in labor costs no longer appear to be an especially good guide to future price movements.
We appreciate the opportunity to meet with your committee, which we usually do twice a year, following the release of our Monetary Policy Report. We believe that these meetings help us to keep Members of Parliament and, through you, all Canadians, informed of the Bank's views on the economy and about the objective of monetary policy and the actions we take to achieve it.