year - over - year, compared to 4. 6 percent in the same time period of 2014. the bank of mexico expects inflation to approach 3 percent throughout this year. 8 however, there are risks to this scenario. these include a potentially weaker peso for a prolonged period of time, which, despite low pass - through in recent years, may have an impact on inflation. other risks are renewed substantial rises in noncore price components and eventual aggregate demand pressures. 9 concluding remarks three external issues will be key determinants of mexico ’ s near - term economic performance. the first is sustainable u. s. economic strength. the second is uncertainty on the timing and pace of u. s. monetary policy normalization. third, lower oil prices appear to be here to stay for a while, and prices could even fall further before the trend reverses. on the domestic side, three issues are also predominant. mexican economic growth has disappointed but is expected to pick up to above 3 percent over the next two years. downside risks are still present, including a possibly fragile recovery of domestic spending. financial markets are likely to continue to face volatility. relative resilience in recent months is no guarantee that mexico is immune to future shocks. thus, the authorities need to remain vigilant, as they have done to date. on the monetary policy front, inflation is expected to approach the bank of mexico ’ s 3 percent permanent target throughout this year. going forward, risks to inflation should be carefully monitored so that attainment of the objective is sustainable. finally, amid solid macroeconomic fundamentals, new business opportunities should begin to blossom. in spite of what could be adverse external conditions this year, mexico could very well turn out to be a relatively attractive spot on the emerging - market horizon. see banco de mexico ( 2014 ), quarterly report, july - september 2014, summary, november. for an analysis of fx pass - through to inflation, see banco de mexico ( 2012 ), inflation report, july – september 2012, november, box 1. bis central bankers ’ speeches

central bankers'speeches in canada, economic growth has come in somewhat stronger than projected in the january mpr, but the pace remains weak and below potential. growth in the second half of 2023 was close to zero, allowing supply to catch up to demand. labour markets have continued to ease gradually. with employment growing more slowly than population, the labour market has come into better balance. job vacancies have returned to more normal levels, and the pace of hiring has been modest. wage growth has been in the 4 % - 5 % range for a while, but there are now some signs that wage pressures may be easing. consumer price index ( cpi ) inflation eased to 2. 9 % in january. this largely reflected lower energy prices, an easing in food price inflation, as well as weakness in semidurable prices like footwear and clothing. but shelter price inflation remains elevated and is still the biggest contributor to overall inflation. more broadly, underlying price pressures persist. our preferred measures of core inflation eased in january but remain above 3 % on a year - over - year and three - month basis. as well, the share of cpi components rising faster than 3 % declined but is still above the historical average. looking ahead, we continue to expect inflation will be close to 3 % through the middle of the year before easing in the second half. gasoline prices are expected to continue to add volatility to inflation in coming months, and shelter price pressures are likely to persist. in other words, the path back to our 2 % target will be slow, and progress is likely to be uneven. governing council also discussed the risks to the economy and inflation. risks to global energy prices and transportation costs related to conflicts remain elevated. domestically, inflation could prove more persistent than expected. we don't want to keep monetary policy this restrictive for longer than we have to. but nor do we want to jeopardize the progress we've made in bringing inflation down. governing council remains concerned about the persistence of underlying inflation, and we want to see a further deceleration in core inflation in the coming months. we remain focused on the indicators of inflationary pressures that we've mentioned before. demand pressures have eased, and the economy now looks to be in modest excess supply. with the labour market coming into better balance, we are looking for further evidence that wage growth is moderating. before our april decision, we will also get new information on corporate pricing behaviour and inflation expectations.