Gasoline prices in Canada continue to set records, setting the stage for potentially lasting consequences on everything from the cost of goods to consumer behavior.
Posted at 4:00 p.m.
Gasoline prices jumped Monday to 222.9 cents per liter in Vancouver, as pump prices across the country rose over the weekend.
Experts say rising gas prices are aggravating the economic burden of inflation for Canadians, as rising fuel prices have a ripple effect throughout the economy, pushing prices up and damaging consumer confidence.
University of Toronto management professor Opher Baron says rising gas prices are driving up shipping costs and the prices of goods like groceries and clothing.
Yet, he says, because Canada is such a large and rural country and public transportation is inadequate in some areas, many people have no choice but to pay higher prices at the pumps.
Sohaib Shahid, director of economic innovation at the Conference Board of Canada, says rising gas prices are also having a disproportionate impact on low-income Canadians, as they tend to spend more of their income transport, housing, food and clothing.