GAS PRICE IS HIKING IN CANADA

Gas price is hiking in Canada

Gas price is hiking in Canada

Introduction

At present the Kamloops area has the highest prices in the country, gas here ranges from 126.9 to 132.9 so you are stretching the truth a lot Cdns have to get together and boycott big name gas stations across the country and get some competition going - if no one buys gas from them, they WILL lower their prices. You dont have to stop buying gas - just DONT buy from the two biggest players who make the most money on their price gouging of Cdns. Canada grumbles as gas prices soar again. A lot of Canadians are feeling gas pains again this week as they empty their wallets to fill up their tanks. Gas prices are soaring; in fact, energy costs are going up all over. And they're trickling down to consumers. (Collins, 100)

Gas price is hiking in Canada

Excluding the impact of steadily rising food and gas prices, Canadian retail sales fell in March, in a trend economists say is likely to persist as higher prices for staples continue to eat into consumers' wallets. The value of retail sales in March was flat at $37.3 billion but after removing the effects of price changes, particularly higher food and gasoline prices, retail sales volume slipped 0.8 per cent, according to a Statistics Canada report.

Consumers appear to be reining in spending after a post-recession spree that saw some Canadians' rack up high levels of debt-prompting warnings against spending beyond one's means. Meanwhile, rising food and gasoline prices are outpacing tepid income growth, which means consumers have to dedicate more of their incomes to those staples and reducing spending in other areas. Food purchased at stores rose 3.7 per cent in April, the same annual increase as in March, while overall food prices rose at slightly reduced 3.3 per cent rate. (Collins, 100) That could mean a persistently tough environment for retailers, who are finding it difficult to pass along higher commodity prices. Retail sales make up about 40 per cent of total consumer spending in Canada. While a late Easter and dreary weather may have had an impact on March sales, Canadian consumer spending is clearly losing some momentum as prices at the pump and grocery store move higher, while borrowing cools.

High gas prices kept inflation above the Bank of Canada's comfort zone for the second straight month in April, with the overall price index remaining at an elevated 3.3 per cent, according to another Statistics Canada report. The monthly gain in prices rose by 0.3 per cent-virtually all attributed to a 6.4 per cent hike at the pump-following a 1.1 per cent jump the previous month. The Capital Economics report added that recent declines in commodity prices-notably oil-could eventually offer consumers some relief, but not likely until at least the third quarter of the year. (Collins, 100)

The higher gas prices don't seem to be deterring consumers from spending on their ...