The cost of some food products is skyrocketing in Canada



A Statistics Canada update on Wednesday reported double-digit food cost increases for a number of foods nationwide, said The Blacklock Reporter.

From fresh produce to meats, grocery stores across the country have all seen significant price hikes on average monthly costs.

The news comes just six months after a former Governor of the Bank of Canada said consumers did not “have to worry about inflation.”

In Alberta, based on annual September sales, consumers paid 13% more for tomatoes, from $ 4.77 to $ 5.37 per kilogram, and 18% more for peppers, from 8.43 $ to $ 9.92 per kilogram.

In British Columbia, buyers paid an average 13% more for tomatoes, from $ 4.77 to $ 5.372 per kilogram.

Prices for chicken thighs were on average 21% higher than a year ago, from $ 6.58 to $ 7.97 per kilogram.

In Saskatchewan, the price of ground beef increased 14%, from $ 8.65 to $ 9.89 per kilogram, and the price of bacon increased 24%, from $ 5.43 to $ 6.72.

Manitoba buyers paid an average 12% more for pears, ranging from $ 3.29 to $ 3.69 per kilogram. The cost of beef strip loin increased 18%, from $ 22.17 to $ 26.08 per kilogram.

Former Bank of Canada Governor Stephen Poloz told the House of Commons finance committee last May that the price increases were not due to inflation, but rather to “price normalization.” “.

“I agree with what I’ve heard from various central banks, including ours, that the inflation we’re seeing right now is very likely to be transient,” Poloz said.

The Bank of Canada said on Wednesday it now projects annual inflation rates will continue to climb until 2021, to 4.75% on average.

Next year’s forecast is 3.4%, up from its previous forecast of 2.4%, before falling back to its target of 2% by 2023.

Melanie Risdon is a reporter at Western Standard
[email protected]



Leave A Reply