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Canadian small businesses see prices rising a record 3.3% over the next year, a more hawkish view than a central bank that calls inflation pressures just temporary.
Average price plans quickened from the prior record of 3.1% in April in the Canadian Federation of Independent Business' Barometer report published Thursday. The measure has climbed each month since a low of 1.9% in December, and the group's price figures go back to 2009.
The BOC has said it expects inflation to reach around 3% in coming months on temporary gains in gasoline prices, and later moderate as slack in the economy holds down sustained gains. The Bank's April forecast paper projected the average inflation rate slowing from 2.9% in the second quarter to 2.2% in the fourth quarter of this year.
The job market may also make more progress, with the 22.3% of firms planning to add full-time staff in the next three months the highest since 2016. Wage inflation remains tame with those costs expected to rise just 1.7% over the next year.
The overall Barometer of business conditions over the next 12 months climbed about 3 points to 66.2 in May, bringing it close to a decade-high level seen in March. The CFIB says in normal times, a reading of 65 is consistent with an economy at potential.
Source: CFIB
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.