Food prices soared 9.7 per cent in May compared with a year ago as inflation hit its highest level in nearly 40 years
Prices for many barbecue favourites like steaks and veggies have increased even more, which will make entertaining with family and friends this weekend costlier.
“Prices are going up much faster than we’ve been accustomed to for the past four decades,” said Sal Guatieri, a senior economist at BMO Financial Group. Still, higher costs are not expected to deter Canadians from gathering and celebrating this Canada Day. Despite skyrocketing costs, Canadians are better off this year compared to last year, University of Toronto economics professor Angelo Melino said.
“Alcohol and recreational cannabis are not up as much as other things so maybe beer is a cheap first of July beverage ... but maybe hotdogs instead of steaks.”The cost of a kilogram of striploin steak was $22.87 in April 2021. For a barbecue with eight adults, each consuming a roughly half-kilogram steak, the cost would be $91.48. A year later, the cost was $28.80 per kilogram for a total bill of $115.20.In April 2021, chicken breasts cost $12.58 per kilogram.
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