While the United States government lies about their inflation numbers and creates inflation around the world by printing more U.S dollars, Canadian food prices have been rising at the fastest rate in two years. Many experts already know there is food inflation across the world and now it has been affecting Canadian consumers.
Statistics Canada figures showed that food prices rose 4.3 per cent in June from a year ago, . That’s the highest since July, 2009, and a tick upwards from the 3.9-per-cent pace in May.
The increases are broad like meat prices are up 5.9 %, while bread / bakery products have jumped 7.2 % with the cost of bread soaring 10.1 %. Vegetable prices has increases 8.4 %.
Basically the higher prices for food are affecting consumer spending in other areas and will continue to increase through the second half of this year.
The Canadian consumer price index revealed that prices for restaurant food advanced 3.3 % while prices for food purchased from stores rose 4.8 %. However, in Ontario, food from stores is up 5.8 %.
Below are some examples of steep year-over-year food price increases:
Fresh or frozen beef: 9.2 per cent.
Eggs: 6.8 %.
Cereal: 4 %.
Flour: 12.2 %.
Potatoes: 25.8 %.
Lettuce: 16.5 %.
Coffee and tea: 11.8 %.
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