Statistics Canada is reminding Canadians every month how painful their trips to the grocery store have been recently.
The retail inflation rate is still at an astonishing 9.9%, its highest point since 1981. In fact, our food inflation rate has exceeded the general rate since last December, which is why food prices are on everyone’s mind. Allegations of “greedflation” are rampant, accusing the industry of gouging consumers who are stressed by an increasingly higher cost of living.From our newsroom to your inbox at noon, the latest headlines, stories, opinion and photos from the Toronto Sun.
The good news is that our food inflation appears to have peaked, or at least it’s under control, for now. There are, however, some trouble spots at the grocery store. The first one is dairy. The Canadian Dairy Commission has recommended a second unprecedented increase of 2.5%, which will start on September.Article content
In essence, with record-breaking increases this year, dairy is literally pricing itself out of the market, and some dairy processors are adjusting. Lactalis, the largest milk buyer in the country, recently converted its Sudbury-based plant and will now solely manufacture plant-based products. This points to where the market is going.Article content
This year, with more consolidation in processing, it was expected to see higher prices. Typically, the correlation between commodity and retail prices is weak, but this year’s market conditions with grain scarcity has made access to some ingredients challenging. Canada’s Food Price Report in December did predict higher bakery and dairy prices, so it’s not necessarily a surprise.
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