Consumers continued to cite tariffs and trade tensions as the most important factor affecting inflation (Chart 3). In follow-up interviews, one respondent said, “Where I work, a lot of raw material is used. … [Tariffs have raised] substantially the price of the item itself plus the cost to ship it, so we have to pass that cost on to our customers.”
However, in the second quarter of 2026, consumers increasingly cited energy prices as a source of inflation. About 70% of consumers expect the war in the Middle East to raise inflation over the next 12 months. In follow-up interviews, several consumers linked the war to concerns about higher gasoline prices. As one respondent stated, “I think we’re just starting to see the beginnings of the [price] increases, and it will possibly have repercussions on all sectors unless there is a change in the situation.” Another said they believe the economic effects remain limited: “To be honest, other than the price of gasoline per litre, I haven’t really noticed any differences.”
