10:38 AM EDT, 07/15/2024 (MT Newswires) -- Bank of Canada on Monday released The Canadian Survey of Consumer Expectations, which was conducted through an online panel from April 26 to May 15, 2024. Follow-up phone interviews took place from May 14 to May 23.

In an Overview, BoC noted:

- Consumers' perceptions of inflation are unchanged from a quarter ago, but their expectations for inflation over the next 12 months have declined significantly. Both measures have improved substantially in recent quarters, although they remain higher than they were before the COVID-19 pandemic. Most consumers continue to think that domestic factors-in particular, high government spending and elevated housing costs-are contributing to high inflation.

- Sentiment remains subdued and unchanged from last quarter, as high inflation and elevated interest rates continue to constrain people's budgets. Perceived financial stress remains high, most consumers continue to report spending cuts, and pessimism about future economic conditions persists. However, homebuying intentions are close to the historical average, supported by strong plans among newcomers to purchase a home.

- Consumers' perceptions of the labour market have weakened this quarter, especially among private sector employees. However, overall wage growth expectations reached a new survey high, driven by public sector employees who anticipate their salaries will catch up with the higher cost of living.