Looking ahead, how the year-on-year rate of change in the CPI for all items less fresh food will develop in the short run depends on developments in import prices, which are influenced by changes in energy prices and foreign exchange rates, but the most important factor is the underlying trend in inflation.
At the same time, however, globalization, combined with technological change, is concentrating wealth in fewer hands within many countries. Brazil and Canada Let me turn now to Brazil and Canada. The economic record of our countries in recent years provides an important counter-example to those questioning capitalism. In the face of the global crisis, neither country was obliged to bail out its banks.