Focus groups in 11 Canadian cities revealed that “many” believe that the consumer price index—the gauge the Bank of Canada uses to set interest rates—understates the cost of goods and services. (The Logic)

Talking point: The “community conversations” were held last year to inform the central bank’s thinking on whether it should change how it sets interest rates—an intellectual exercise it conducts jointly with the Department of Finance every five years. Doubt about the methods that central bankers use to guide their policy decisions will be a concern. A summary of the findings acknowledged that diminished trust in the consumer price index equates to diminished trust in the central bank. The Bank of Canada’s success in containing inflation rests, in part, on the public’s faith that the institution knows what it’s doing. What happens if that faith wavers? The federal government and the Bank of Canada are scheduled to decide on a new five-year mandate by the end of the year.