We know, however, that business expectations have remained well anchored to the target. Indeed, the Bank’s Business Outlook Survey shows that, since the second quarter of 2009, at least 80 per cent of businesses canvassed have reported that they expect inflation to remain between 1 and 3 per cent over the next two years.
This stability contributed to the resilience of inflation during the years immediately following the crisis (Chart 5). Regarding the subsequent decline in inflation, the Bank’s analysis has highlighted the importance of increased competition in the retail sector. Indeed, the expansion of major retailers and the arrival of new ones in Canada have profoundly changed the retail  1  International Monetary Fund (IMF). 2013.