6 The higher expected inflation rate at the five-year horizon might reflect increased uncertainty about inflation  outcomes, as suggested by relatively lower response rates. We also observe a greater degree of dispersion among respondents at this horizon. 7 Bellemare et al.
(2019) conjecture that the narrower gap in Canada might be related to the Bank’s success  with and focused communications on the 2 percent inflation target, creating a focal point for perceptions and expectations at 2 percent.