To respond directly to the second part of your question, if you want some numbers, inflation in the U.K. is 11.1%. In the Eurozone it's 10.6%. In the U.S. it's 7.7%. In Germany it's 10.4%. In France it's 7.1%. In Canada it's 6.9%. In Japan it's 3.7%. You can see that in all these countries, with the exception of Japan, inflation is high, and I can also tell you that it's broad. It tends to be higher in Europe because they have been more affected by the kind of supply chain disruptions you talked about and by Ukraine, and the energy price increase in Europe has been much bigger than it has been in North America, particularly for natural gas.
Yes, this is certainly a global phenomenon. I think that largely reflects the fact that we've all gone through the pandemic at almost the same time. Our economies plunged into deep recessions. Fortunately the actions taken globally have supported strong recoveries, but we are now on the other side of that. There's a war in Europe. A number of these economies are overheated, and supply chain disruptions continue, so you're seeing inflation around the world being too high.
That doesn't do Canadians any good, though. Canadians are living today with inflation that's too high, and we have to get it down.