Canadians are likely to see inflated food prices at their local grocery stores for several more months, according to some experts.
Senior director of the Agri-Food Analytics Lab at Dalhousie University Sylvain Charlebois told CTV News on Sunday that food prices have risen by about 5% across the board since January.
“Now 5% may seem low, but for consumers out there looking for similar products, some products have actually gone up by 20, 25%,” said Charlebois.
Charlebois said when it comes to global food inflation, the world is likely in “the third inning of a nine inning baseball game” right now, which will mean “several months of rockiness at the grocery store, unfortunately.” However, Charlebois said he is not expecting any extra innings beyond that.
Bank of Canada governor Tiff Macklem has warned of longer-than-expected inflation affecting Canadians. The inflation rate is 4.4%, up from 4.1% in August. The inflation rate could hit 5% by the end of 2021.
The United Nations reported global food prices are the highest they have been in more than a decade.
Canadian consumers have seen first-hand how expensive it is to feed their families. Recent Statistics Canada data showed the price of some basic grocery items across Canada is surging in the double digits.
The latest monthly update by Statistics Canada indicates items like chicken, tomatoes, and fruits have been affected by inflation.
Statistics Canada reported the price of bacon reached an all-time high in August, with the average cost for a 500-gram pack hitting $8.24. This average cost is the first time bacon has surpassed the $8 mark.
Canada’s Food Price Report 2021 said the growing cost of meat, bread, and vegetables would contribute to a 3 to 5 per cent increase in food costs.
Canadians are expected to pay an extra $695 for groceries in 2021.
