Consumers benefit from lower prices, and increased competition is likely to mean higher productivity in the sector – both good things. Hence, there is little need for monetary policy to try to counter this “good” disinflation, provided that inflation expectations remain well anchored.
Canada's economy has longstanding vulnerabilities in the form of escalating house prices and elevated levels of  4/6  BIS - Central bankers' speeches  household debt that were further exacerbated during the pandemic. And the risk of a trigger that may affect financial stability has increased, as a result of high inflation and the response of increasing interest rates.