Consumers feel pinch of record oil prices

As the price of oil races toward the $100-a-barrel mark, analysts are divided over the impact the rapid increase will have on the local economy, yet are confident that it will hit consumers where it hurts the most: at the cash register.
"This is a country that is driven by the strength of its hi-tech market, a sector that does not rely so much on energy consumption as it does on human resources," said Jonathan Katz, a macro-strategist at HSBC. "I don't see a major impact on the GDP, but I do think that consumers will feel the pinch as costs rise."
The rise in oil prices is also expected to affect the Consumer Price Index (CPI), a measure of a country's inflation level. For the full article, click on the link below...
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