The Globe and Mail reports in its Thursday edition that according to the latest data from February, it appears the fight against inflation is ending. The Globe's guest columnists Jeremy Kronick and Steve Ambler write that despite the positive numbers, however, the Bank of Canada has decided to keep its policy rate at 5 per cent on Wednesday. This decision may raise some questions as the bank, like many other central banks, was slow to increase rates when inflation started to rise. Some may worry that this delay could put them at risk of falling behind the curve again. The columnists say looking at year-over-year measures is increasingly misleading. Headline inflation over the past three months has dropped well below target, to 1.3 per cent. The BOC's preferred measures of core inflation have been barely above target over the past three months. As of now, it looks like the Canadian economy has achieved a proverbial "soft landing," with inflation returning to target without a painful recession. However, the BOC's real policy rate is now higher than at the beginning of the millennium. If the bank waits too long and falls behind the curve, it will have to follow its expected June cut with several more in quick succession.