Elections, global political tensions, rising gas prices and the prospect of rising interest rates are combining to take their toll on consumer confidence, a new poll shows.

A nation-wide survey conducted by Decima Research Inc. in May, shows that for the second consecutive quarter, consumer confidence across Canada has decreased, and is now at the lowest level recorded in more than two years.

The Decima-Investors Group Index of Canadian Consumer Confidence now stands at 79.5, down 7.1 points since February — the lowest level recorded in Canada since November 2001, when the index stood at 79.0.

“Upcoming elections and ongoing geopolitical tensions, combined with gas prices that are putting upward pressure on core inflation and the prospect of rising interest rates, are all playing a part in continued consumer uncertainty,” said Bill Chornous, partner, Investors Group.

The good news is that recent robust job growth and a relatively healthy economy are likely to have a positive impact on confidence, Chornous said in a release.

Confidence is down in all regions of Canada, although the declines on the Prairies (down 3.5 in Alberta and down 3.1 in Manitoba and Saskatchewan) are not as large as elsewhere. The biggest drop this quarter is among Canadians aged 55 and older, down 11.3 points from February.

Despite the healthy economy, the survey also shows a drop in consumer expectations about economic conditions over the next year. The consumer expectations were down 8.4 points since February, and now stand at 73.1 in Canada.

Decima surveyed 2,118 Canadians (18 years and older) by phone between May 13 and 19. A sample of this size will provide results that can be considered accurate for the population overall to within plus or minus 2.1%, 19 times out of 20.