We welcome them as an opportunity to engage with Canadians about what we do, how we do it and how we can improve. We also know that some Canadians are questioning whether their central bank is independent, whether it is accountable and whether it’s acting in their best interests. I’d like to respond directly to those questions today. Independence Let me start with independence.
The year-on-year rate of increase in nominal wages in the first half of fiscal 2014 was 1.1 percent, and it is roughly the same level as the year-on-year rate of increase in the CPI for the same period excluding the direct effects of the consumption tax hike, which was 1.3 percent.