The annual rate of inflation for CPI All-items for 2016Q4 was 1.4%, which matched the forecast in the Bank of Canada’s January MPR. We will never know if the forecasts for the three new core measures were realized or not, as quite shamefully, the BoC  didn’t publish these in the January MPR.  We do know that the forecast for the previous operational guide, CPIX, for 2016Q4 annual inflation in the October MPR was way too high: 1.9%, as compared to an actual inflation rate of 1.6%. Greg Quinn writes that “Bartlett forecasts the three core measures of inflation will remain below 2 per cent through 2020.” This may well be true, but it is in glaring contrast to the MPR saying that “we would expect all inflation measures to converge sustainably on 2 per cent in the latter part of our projection horizon [i.e. by 2018Q4]”, as Quinn should know. This is about as likely to happen as sighting a unicorn, but this kind of promise is consistent with the Bank of Canada’s “jam tomorrow” mindset.