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The inflation outlook for 2022 hit a new high with regard to consumer expectations, according to the Bank of Canada’s most recent Canadian Survey of Consumer Expectations, with respondents expecting inflation to be close to 32.7% for the duration of 2022. Though many do expect inflation to slow once the pandemic ends, according to a recent Fidelity article. That sentiment is coupled with supply-chain issues and an increase in food and energy prices, as well as actions from the BOC and the federal government to stimulate the economy. This is leading almost half of surveyed businesses to anticipate that the pace of price increases will remain above three percent over the next two years.
Those same businesses plan to pass those cost increases on to consumers.
“It is an interesting time for entrepreneurs, business owners and the entire Canadian population. We are trying to navigate an interesting as well as challenging point in history. Planning and investment has possibly never been more important than it is right now,” said Jason Hare, Certified Financial Planner and owner of Cornerstone Wealth Planning in Kingston, Ontario.
The Fidelity article also points out other developments from the survey: Consumers and businesses project that the increases in the cost of living will stay high over the next year. This does come with other interesting factors: “part of survey results…also show people more willing to search for new jobs, and businesses willing to pay more for workers.”
“The Bank of Canada has let inflation run a little hot to help the economy recover from the hole dug by COVID-19, saying the elevated readings are temporary issues that should work themselves out,” according to the Fidelity article.
Bank governor Tiff Macklem told reporters following October meetings in Washington, D.C., with his global counterparts that there would be more concern if inflation were to … Read More
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