As a neighbour and major trading partner, Canada has certainly benefited from the strong U.S. economy. But I think that what is happening in the United States is relevant to Canada in other ways. First, it offers a yardstick that we Canadians often use to judge the performance of our own economy.
Excluding the more volatile components, namely energy and seasonal food, HICP inflation in January increased slightly to 1.1% on account of somewhat higher price increases for non-energy industrial goods.