Even before the omicron variant appeared, consumer optimism was being tested by price spikes
Meanwhile, the BoC's latest quarterly report suggests people will spend some of the savings they've amassed
High debt levels and rising rates may keep consumers on the sidelines
The lower-than-expected reading should ensure the Fed leaves its interest rate unchanged at next week's meeting
Prices have increased a substantial 5.4% compared with a year earlier
The index increased in June for the fifth straight month
Spending is expecting to shift to services from goods through the rest of the year
Not all pandemic beneficiaries will continue to thrive
Consumer spending rose 4.2% in March, at its fastest pace in nine months
Economists believe the rising confidence will bolster economic growth