How expensive is food getting in Canada? A breakdown of some popular items
BNN Bloomberg
While some economists forecast a slowdown in inflation in the back half of the year, there is more price pressure to come before we get there.
Canadians can’t seem to catch a break at the grocery store as food prices continue to soar. Statistics Canada reported Wednesday that food prices rose 7.4 per cent in February compared with a year ago. The rise came as the annual inflation rate climbed to 5.7 per cent, the highest it’s been since 1991.
While some economists forecast a slowdown in inflation in the back half of the year, there is more price pressure to come before we get there.
"Unfortunately, we’re likely to see further acceleration in inflation in March," says Josh Nye, senior economist at RBC.
Statistics Canada also highlighted dairy products in the consumer price index release because they were one of the biggest contributors to February's price gains. The rise in the price of dairy products can partly be attributed to the Canadian Dairy Commission’s decision to increase the farm gate milk price by six cents per litre on Feb. 1.
Here's a breakdown of how much the prices for some popular food items rose between February 2021 and February 2022:
