Canadian businesses and consumers think the current era of high inflation will persist for longer than they’d previously hoped, according to two surveys from the Bank of Canada released Monday.

The two reports — known as the Business Outlook Survey and the Canadian Survey of Consumer Expectations — are the result of the central bank’s quarterly polling of Canadian businesses and consumers for their outlook on what’s happening on the ground in Canada’s economy.

While the findings differed in a few ways, the dominant theme of both was inflation and the impact it is having on buying and selling, hiring and firing.

The main takeaway