{ "terms": { "url": "https://www.bankofcanada.ca/terms/" }, "groupDetail": { "label": "Chart 2: In recent years, excess supply with inflation above target has become more common", "description": "Inflation (deviation from 2%, in percentage points) and output gap (in percent)\n\nNote: This chart presents historical estimates of the output gap in real time (without revisions). For each quarter, the value plotted is the estimate published when the national accounts data for that quarter first became available. Estimates from 2011Q3 onward are taken from the Bank of Canada’s Monetary Policy Report for each quarter; earlier estimates come from Bank staff economic projections. CPI-trim is a measure of core inflation that excludes CPI components whose rates of change in a given month are located in the tails of the distribution of price changes. It also excludes the effect of indirect taxes. The values plotted reflect the data available at the time of publication of the January 2026 Report.\n\nSources: Statistics Canada and Bank of Canada calculations", "link": "https://www.bankofcanada.ca/?p=251775" }, "seriesDetail": { "SPEECH_KOZI20260302_C2_S1": { "label": "x", "description": "x", "dimension": { "key": "k", "name": "Category" } }, "SPEECH_KOZI20260302_C2_S2": { "label": "Real-time estimates,1995–2019", "description": "Real-time estimates,1995–2019", "dimension": { "key": "k", "name": "Category" } }, "SPEECH_KOZI20260302_C2_S3": { "label": "Real-time estimates, 2020–25", "description": "Real-time estimates, 2020–25", "dimension": { "key": "k", "name": "Category" } } }, "observations": [ { "k": "1", "SPEECH_KOZI20260302_C2_S1": { "v": "-2.61" }, "SPEECH_KOZI20260302_C2_S2": { "v": "-0.1" } }, { "k": "2", "SPEECH_KOZI20260302_C2_S1": { "v": "-3.40" }, "SPEECH_KOZI20260302_C2_S2": { "v": "0.3" } }, { "k": "3", "SPEECH_KOZI20260302_C2_S1": { "v": "-2.93" }, 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