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Subject: Gas Pices Affecting Consumers Day-to-Day Living
(Posted on Jul 26, 2012 at 08:17AM by Media Manager)

The skyrocketing cost of gas appears to be having a domino effect on other aspects of Canadians' daily living.

According to RBC's Canadian Consumer Outlook index, 45 percent of respondents said gas prices are having a "significant impact" on how and where they spend their money.

Despite the rising cost of gas and food, a majority of respondents – 61 percent – said they were still confident about the state of the economy, with the most optimistic respondents being in Saskatchewan and Manitoba. The percentage of respondents in Ontario saying the country's economic status was good was comparable to the national average.

This is a stark contrast to what a Reuters/Ipsos poll found in the U.S. Cliff Young, a pollster for Ipsos, told Reuters that declining confidence in the U.S. economy is "all a function of gas prices."

Though 61 percent of Canadians said they thought the economy was good, 55 percent said they were nonetheless putting off major purchases, such as buying a new car.

Despite this, car makers said they had robust car sales this past month, several of them reporting an increase in fuel-efficient car purchases. Auto insurance companies may offer savings to motorists insuring hybrid models


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