The price of West Texas intermediate crude oil rose from about $ per barrel in late 2003 to a peak of almost $ per barrel in July of last year. During this episode, inflation appears to have been boosted only temporarily and by a strikingly small amount, in contrast to the 1970s when oil price shocks led to large, persistent increases in inflation.
We will of course be updating our views on the outlook for the economy and inflation as new data come in, and we will continue to share our assessments so Canadians can make informed decisions. Let me conclude with a brief word on quantitative tightening.