McKenna writes: “The central bank acknowledged this week that a burst of inflation in January was directly attributable to new carbon pricing policies in Alberta and Ontario. But Mr. Lane said these carbon taxes will have only a transitory effect on inflation.” There is no difference between the monthly inflation rates for CPIXV8 and CPIX, the Bank’s operational guide until 2017, which implies that the price increases due at least to the cap-and-trade regime being introduced in Ontario, and perhaps the carbon levy in Alberta as well, are not being excluded as changes in indirect taxes. Not just CPIX, but all three of the new core measures that are now the operational guide, take CPIXT as their base and exclude changes in indirect taxes.