Four-Year-High Gas Prices and Jobs Rebound Lift May Consumer Spending
Canada’s Index of Consumer Spending stood at 127.3 in May 2026, a gain of 6.1 points from April. Consumers paid the highest prices for gasoline since June 2022, with May representing the third consecutive month of elevated fuel costs since the closure of the Strait of Hormuz.
In which regions have the accelerating gas prices had the heaviest impact, and why is this the case? What parts of the country are seeing declining consumer spending? With employment rising overall during the month, in what sectors have job gains been concentrated? How much of this is attributable to the summer student job market? Can employment and labour market developments provide cause for optimism?
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