The year-over-year change in the consumer price index eased from 2.3 per cent in January as distortions from former prime minister Justin Trudeau’s GST/HST holiday fell out of Statistics Canada’s calculations. (The Logic)

Talking point: Trudeau’s tax measure temporarily cut the cost of restaurant meals, alcohol and some grocery items and toys, creating a “base-year effect” that exaggerated recent inflation readings. The Bank of Canada’s preferred measures of “core inflation” each slowed to 2.3 per cent, suggesting the central bank will leave interest rates unchanged on Wednesday because it’s found a sweet spot near its two per cent target. The Iran war will challenge that equilibrium as higher energy costs ripple through the global supply system. Highly visible prices already are elevated, even though they were coming down. Grocery prices were 4.1 per cent higher in February than a year earlier, compared with 4.8 per cent in January.