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Savings at the pump not offsetting soaring produce prices, experts say

Savings at the gas pumps may be smaller than consumer think but the increase in the price of groceries is for real, experts say.

TORONTO — Canadians may be pocketing a little extra change at the gas pump and on their heating bills thanks to the plummeting price of crude, but experts say soaring food prices are more than offsetting those savings.

“The percentage of our budget that goes to transportation is much smaller than the percentage of our budget that is consumed in food,” said Ian Lee, an economics professor at Carleton University’s Sprott School of Business.

“Yes, we’re saving at the pump, but the savings are more than offset by what we’re paying in the food stores.”

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