That's contrary to the sentiment of a surprisingly large proportion of respondents to the Bank of Canada's quarterly consumer expectations survey, released last week.
Though some prices will come down, as has been the case with gasoline prices, Gordon said higher prices for goods feed into each other through the supply chain and become baked into the economy. The central bank regularly monitors inflation expectations in the economy to make sure it has control over price growth. With inflation running well above its two per cent target, inflation expectations have been a top concern for the Bank of Canada.
Instead, these respondents were more likely to believe that inflation was caused by supply chain disruptions. Once these temporary pressures on inflation fade, many of them believe prices that rose rapidly would then decline. Prices for services are driven by wages, he said, which are unlikely to fall given they're sticky nature.
Source: Education Headlines (educationheadlines.net)
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