The old operational guide, CPIX, is in-between the highest and lowest of the core measures that now define the operational guide, showing a 1.7% inflation rate in February, but it is up from 1.5% in November. If one looks at the annualized three-month rate of change of the seasonally adjusted CPIX, it was at 2.2% in February, unchanged from January, but up from just 0.3% in November. So this more current measure of the underlying rate of inflation is already above the 2% inflation target. The Bank of Canada, more and more opaque in its operations, has quite disgracefully only published annual inflation rates for the three new core measures, so it isn’t possible to calculate comparable inflation rates for them. However, all of these measures are untrustworthy since they don’t make any effort to exclude the impact of mortgage rate changes, which absolutely should not be part of any measure of underlying inflation.