Business sentiment has softened in Canada and most firms now think a recession is likely, a Bank of Canada survey showed on Monday, but inflation expectations remain high, leaving the central bank little choice but to continue raising rates. READ:
The bank’s Business Outlook Survey showed 77% of firms see price growth staying above 3% for the next two years. A separate survey showed near-term consumer inflation expectations at record highs, though longer term expectations have eased, providing some relief.
That is cause for concern for the central bank as it seeks to avoid a wage-price spiral, analysts said. Canadian inflation edged down to 7% in August and analysts surveyed by Reuters forecast data on Wednesday will show a further dip to 6.8% in September, still far above the central bank’s 2% target.While business sentiment stayed positive in the third quarter survey, there are early signs that pressures on prices and wages are easing. Labor and supply chain bottlenecks restraining business capacity, may have peaked.
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