As most of you know, this lecture series was announced by the CFEE at a dinner here in Toronto in November 2003. At the conclusion of my speech that evening, I said that, in an increasingly complex and competitive world, furthering our national economic welfare will depend importantly on the quality of our labour force.
Assuming energy prices evolve in line with currently prevailing futures prices, CPI inflation is projected to average near 3 per cent through the middle of 2006, before returning to the 2 per cent target in the second half of next year. Core inflation should remain below 2 per cent in coming months, returning to 2 per cent by mid-2006.