The Canadian Survey on Business Conditions, a quarterly poll of some 17,000 businesses conducted by the Canadian Chamber of Commerce and Statistics Canada, found that 60 per cent of respondents considered high inflation to be the biggest near-term challenge – the highest level of concern recorded since the survey began in the Spring of 2020.Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.
“Businesses are pretty much struggling with costs,” said Canadian Chamber of Commerce chief economist Stephen Tapp. “Running a business right now, it’s extremely expensive and it’s hard to do given lack of access to workers and input costs rising pretty considerably.” The report noted a “glimmer of hope,” as 34 per cent of respondents said they would raise prices over the next quarter, down from 39 per cent in the previous survey. Still, Tapp said it was the first time he has seen the majority of businesses point to a single obstacle as being the most concerning heading into the next quarter.
Companies appear to be dreading inflation because it’s making it harder for them to maintain their profit margins. Executives cited rising input costs as their second-largest obstacle, with 47 per cent of respondent expressing worry, down from 50 per cent in the previous quarter. These cost pressures were particularly acute in agriculture, manufacturing, as well as accommodation and food services.
Businesses also have less wiggle room when it comes to taking on debt. At least 52 per cent of the surveyed businesses reported that they could not take on more debt or were not sure whether they could. This reading was unchanged from the last quarter and is a particular worry for smaller firms and high-contact services that have been hit harder during the pandemic.
Source: News Formal (newsformal.com)
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