Food price growth will slow, but don’t expect big drop: RBC economists
BNN Bloomberg
A new report from economists with Royal Bank of Canada predicts food inflation will slow in Canada, but prices will stay high amid lasting challenges such as increasingly frequent severe weather events.
“While we continue to expect lower food inflation in the current economic cycle, we don’t expect food prices to return to pre-pandemic levels,” the authors of the June 14 report concluded.
DISRUPTIONS RECEDING
Food costs have risen by 18 per cent over the past two years. Grocery store prices peaked in January, and were still 8.3 per cent higher than the year earlier as of April.
Facing a $1.4 billion deficit shortfall, the provincial government says its large-animal vet service will be privatized over the next three years.
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Markets in Canada and the U.S. continued to trade lower while oil went up late morning on Friday as inflationary fears prevailed among investors.
Gold prices fell by 1.8 per cent on Friday as the dollar strengthened on a report that the United States will deploy extra troops in the Middle East, fanning concerns of higher oil prices, inflation, and with it, elevated interest rates.
Canada’s federally backed farm lender is offering financial aid to farmers, agricultural businesses and food companies hit by the spike in fertilizer and energy prices, it said on Friday.
Statistics Canada says retail sales were up 1.1 per cent at $70.7 billion in January, led by sales at motor vehicle and parts dealers.
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Wall Street is stumbling toward the finish line of a fourth straight losing week on Friday, but an ease in oil prices is taking some of the pressure off stock markets worldwide.