Canadian shoppers paying 11 per cent more than Americans

Higher taxes, lower competition likely behind steeper retail prices

An Internet survey commissioned by Bank of Canada Governor Mark Carney revealed that Canadians are paying 11 per cent more on average than Americans on consumer goods, despite the loonie hovering around parity with the U.S. dollar, the Globe and Mail reports. Higher taxes, labour and transportation costs, along with a less competitive retail markets, are among the likely forces keeping Canadian retail prices a notch above those in the U.S., Carney told MPs. In September, Finance Minister Jim Flaherty asked the Senate standing committee on national finance to look into the issue.

The Globe and Mail

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