The Globe and Mail reports in its Saturday, Jan. 13, edition that after surging to a four-decade high in the summer of 2022, the annual rate of Consumer Price Index inflation has declined, falling to the top of the Bank of Canada's 1-per-cent to 3-per-cent control band in November. The Globe's Mark Rendell writes that the outlook for the Canadian economy in 2024 depends to a great extent on how long it takes to cover the last mile down to the central bank's target of 2 per cent. Inflation for durable and semi-durable goods -- such as furniture, clothing and appliances -- is already back below target. Service prices, by contrast, continue to grow relatively quickly. Bank Governor Tiff Macklem said in December he expects headline inflation will be "close" to 2 per cent by the end of 2024. The BOC could start cutting interest rates before then, he said, but only if it is confident inflation is on a "sustained downward track." Here, Mr. Rendell says, the bank will pay close attention to core inflation measures, which strip out volatile price movements. The Globe writer says if you want to see inflation like the BOC does, look at three-month annualized growth in CPI-trim and CPI-median, the bank's two favourite measures of core inflation.