12/09/2014 11:04 EST | Updated 02/08/2015 05:59 EST

Low oil prices could bring down other costs for consumers

Prices could come down on everything from airfare, groceries and home heating thanks to the sudden drop in oil prices, according to a Toronto economist. 

Doug Porter, chief economist at BMO, says the lower oil prices should continue for at least for another six months, and will likely lead to savings beyond the pump. 

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"Almost every good that we buy is shipped from somewhere, and there are transportation costs involved," Porter said. 

"This is a bit of a quiet win-win for the Ontario economy."

But, he added, the savings "won't show up immediately" and could take between six months and a year to show up on consumers' bills. 

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