The Bank expects inflation to return to the 2 per cent target in about two years, as the effects of retail competition dissipate and excess capacity is absorbed.” (Monetary Policy Report Summary, January 2014.)
And in its March 5 interest rate announcement, the Bank said that “with inflation expected to be well below target for some time, the downside risks to inflation remain important.”  3  J. Murray, “Monetary Policy Decision Making at the Bank of Canada,” Bank of Canada Review (Autumn 2013): 1–9.