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Canadian small business owners project the biggest price increases on record due to shortages of workers and materials, according a report Thursday that follows the central bank's decision to signal a rate hike next year to avoid entrenched inflation.

The Canadian Federation of Independent Business Barometer showed firms plan 3.9% price increases over the next year, breaking the prior record of 3.8% set in August. That measure is up from 1.9% in December and almost double the Bank of Canada's 2% target for consumer price inflation.

Expected wage increases of 2.5% are close to the record high of 2.7% in data back to 2009, and up from 1.2% at the start of the year. The overall Barometer of business confidence conditions over the next 12 months rose 2.7 points to 60.5, with the reading over 50 still showing expansionary conditions.