In its business outlook survey released Monday, the central bank said businesses’ expectations for near-term inflation have increased, and firms expect inflation to be high for longer than they did in the previous survey.
“Businesses suggested that higher prices and interest rates may potentially affect the viability of their investment plans, but that was not occurring yet,” CIBC’s Andrew Grantham and Karyne Charbonneau wrote in report. However, the Bank of Canada said longer-term expectations for inflation by businesses remain stable between two and three per cent.
The consumer report also said expectations for higher inflation and rising interest rates are affecting consumer confidence.
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