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Inflation Expectations Remain Elevated for Businesses And Consumers

BOC
  • BoC business survey says over half of businesses expect inflation to be above +3% over the next two years, around the same as last quarter at +54%.
  • While consumer perceptions of current inflation have moved down to +5.9% from +6.6% one year ahead inflation expectations remain elevated and show little downward movement.
  • Firm hiring plans are the lowest since 2016 and expected wage increases are lower, although still around a percentage point greater than the historical average.
  • Consumer wage growth expectations continue to be near record highs with +2.7% gains over the next year. 
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