Consequently, we “look through” short-lived price British Columbia, Vancouver, B.C., 1 November 2016) and the Renewal of the Inflation-Control Target: Background Information—October 2016 4 J. Murray, “Measuring Inflation: Methodology and Misconceptions” (speech to the Certified General Accountants of Ontario, Toronto, Ontario, 18 September 2008). 5 Statistics Canada worked closely with the Bank to produce the new measures of core inflation.
See “Consumer Price Index: The Bank of Canada's Preferred Measures of Core Inflation” on Statistics Canada’s website. 6 Given the uncertainties around measuring the output gap and the timing of the impact of excess capacity on inflation, achieving the 2 per cent target and closing the gap may not, in practice, occur simultaneously.