The Bank of Canada has found Canadians are more gloomy about inflation in the short term than businesses.

This according to the Bank of Canada’s third-quarter business outlook and consumer expectations surveys, that show inflation expectations remain high.

As the central bank continue raising its key interest rate to try to wrestle inflation, the surveys also reveal most consumers and businesses expect Canada will enter a recession.

The bank’s next interest rate announcement is next Wednesday.

While most Canadians surveyed understand what the Bank of Canada’s trying to do, a minority expect it will succeed in easing inflation.

Businesses expect it will return closer to the central bank’s 2% target.

In August, it was 7%.