The Philippine boat may not be the large vessel of other jurisdictions but the fact that we have been able to steer through the turbulent and uncertain waters of the last decade is itself the testament of our resolve and our strength as a market.
Staff at the Bank of Canada estimate that special factors such as these account for roughly two-thirds of the decline in US core inflation since the start of this year. The impact on inflation of these relative price changes should not persist—in other words, the underlying trend in US inflation is higher than it appears.