Demise Of The Penny Will See An Increase In Most Prices As Everything Gets 'Rounded Up'
At the moment in Canada, pricing of any item or service allows the seller to divide the dollar price into 100 individual units of currency known as a 'penny' or a 'cent'. The federal Conservatives are abolishing the penny and the new minimum unit of Canadian currency will be the 5 Cent 'Nickel'.
We are told that prices will simply be rounded up or down to accommodate the loss of the penny as a tool in the market place. Trust me, NO PRICES TO THE CONSUMER WILL EVER BE ROUNDED DOWN.
For example ... if your desired item costs $2.51 it will go up to $2.55. Same thing if the price is $2.52. You'll get rounded up to $2.55. There are no businesses in Canada that are going to round anything 'down' because the loss of 1 or 2 or 3 cents a unit, multiplied by thousands of units sold can add up and reduce profit.
In simple terms, and not to belabour the issue, Stephen Harper has allowed a small retail price increase of 2 or 3 cents on billions of Canadian consumer transactions.
It may only be a couple of cents here - a couple of cents there .... but once again .... YOU GET GOUGED.
It's the 'Capitalist Way'!