Business confidence remained elevated ahead of Q1 2022, rising slightly from Q4 2021. All components of the index increased ahead of the first quarter. The index increased 1.9 points from Q4 2021 to Q1 2022, and grew another 1.4 points ahead of Q2 2022. While panelists expressed concerns about inflation, supply-chain issues, worker constrains and COVID-19 variants, they also expressed optimism about increased demand and COVID-19. A vast majority of respondents noted inflation issues impacting their business. More than 68% of respondents expect to increase wages in response to higher inflation, and most do not expect inflation to moderate in the second half of 2022 or in 2023.