Pressure at the gas pump hits consumers

In other inflation news: Analysts note the recent rise in the cost of gasoline is increasingly larger role in the finances of Canadians. National Bank senior economist Krishen Rangasamy suggests: “a surprising 0.1 per cent dip from February, could in part be laid at the doorstep of the recent run-up in gas prices...Note that the gasoline share in total retail spending was close to record highs in the first quarter (above 13 per cent), in sharp contrast to the declining share seen south of the border...The above-seasonal gasoline price increase acted as a tax hike in Q1.” According to Bank of Montreal economist Sal Guatieri's calculation Canadians are now paying about 30 per cent more than Americans at the pump as a result of currency shifts.

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