Yes.
If the economy's operating below its capacity, that tends to put downward pressure on inflation. If it's operating above its capacity, that pushes inflation up. The economy's been below its capacity for the last two years. It was initially way below its capacity. It has recovered impressively, actually, and is now back to its capacity.
It's not in excess demand; it's not above its capacity, or at least not significantly above its capacity. The inflation we're seeing is not being generated by too much demand here in Canada. It's being generated by these international factors, which I mentioned.