80%

70%

60%

50%

40%

30%

20%

10%

0%

2019

2020

2021

2022

2023

2024

2015-19 Average

Share of CPI Basket >4% Y/Y

Source: Statistics Canada, TD Securities

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Source: Statistics Canada, TD Securities

2015-19 Average

Share of CPI Basket >4% Y/Y

2024

2023

2022

2021

2020

2019

0%

10%

20%

30%

40%

50%

60%

70%

80%

Growth is getting better, not worse