Russia's invasion of Ukraine last year drove inflation even higher, particularly for energy and agricultural commodities. But domestic forces have increasingly contributed to inflationary pressures. The Canadian economy began overheating as the economy fully reopened. People still wanted to buy goods, and demand for services soared as households tried to catch up on the many services they had missed out on through the pandemic.
In this regard, it will probably be necessary to increase the basic vote by more than agreed upon at least year's Singapore meeting. There is much to be done, and we wish incoming Managing Director Strauss-Kahn every success as he takes over leadership of the Fund. 3.