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Canada’s central bank may shift focus away from the current measure of core prices when it renews an inflation-targeting agreement with the government next year.

The Bank of Canada’s current benchmark of core prices that excludes eight volatile items such as fresh fruit is underperforming relative to other indexes under consideration for next year, deputy governor Timothy Lane said in the text of a speech Tuesday in Halifax, Nova Scotia. The core index known as CPIX has been the central bank’s main guide since 2001 on whether the total inflation rate will remain close to the bank’s 2 per cent target.

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Lane said that there will probably be no major changes to its inflation-targeting regime, echoing comments by Governor Stephen Poloz and incoming Liberal Prime Minister Justin Trudeau.

“We would like the public to take 2 per cent inflation for granted,” Lane said. “We are examining the properties of these measures of core inflation.”