Dave writes: “At 2.1 per cent, the inflation rate surpassed the Bank of Canada’s target of 2 per cent.” More than that, it suggests that the Bank of Canada projected too low an inflation rate for 2017Q1 in its January MPR. Just 1.8%, the forecast would still be realized if there were no growth in February and March, but even very modest 0.1% monthly increases in both months would see the Q1 inflation rate go to 1.9%. In January 2017, the monthly inflation rate was much higher than that, 0.9%. Doesn’t inspire much confidence in our central bank if it can’t even predict the inflation rate for the current quarter very well, given that they are supposed to have a policy horizon of six to eight quarters.