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MNI: BOC Says Record 70% Of Firms See +3% Inflation Lasting 2Y

(MNI) Ottawa
OTTAWA (MNI)

Quarterly household survey also showed 5.1% inflation over the next year.

Bank of Canada surveys of companies and households show record views of wage and price inflation amid capacity constraints and disruption from Russia's invasion of Ukraine, the BOC said in a key release ahead of its Apr. 13 meeting at which it is expected to raise its policy rate by as much as 50 basis points.

The BOC’s quarterly business survey showed a record 70% of firms said inflation will exceed 3% over the next two years. That's beyond the central bank's 1%-3% target band for price gains, though the report said most firms see inflation slowing beyond two years. Firms expect an average wage increase of 5.2% over the next year, the highest since at least 2006, the survey showed.

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Bank of Canada surveys of companies and households show record views of wage and price inflation amid capacity constraints and disruption from Russia's invasion of Ukraine, the BOC said in a key release ahead of its Apr. 13 meeting at which it is expected to raise its policy rate by as much as 50 basis points.

The BOC’s quarterly business survey showed a record 70% of firms said inflation will exceed 3% over the next two years. That's beyond the central bank's 1%-3% target band for price gains, though the report said most firms see inflation slowing beyond two years. Firms expect an average wage increase of 5.2% over the next year, the highest since at least 2006, the survey showed.

Keep reading...Show less