Your Grocery Bill is About to Get Even Bigger
Rising food prices could become the big topic in Canada’s federal election.
Canada’s annual inflation rate surged to a 10-year high of 3.7 per cent in July, the fourth consecutive month of year-over-year increases above three per cent.
Both food manufacturers and restaurant chains across the country have been increasing their prices as they grapple with higher costs for transportation and agricultural commodities like wheat and corn. Restaurants also face a double whammy due to current labor shortages.
Statistics Canada data shows, that in July, menu prices were up 3.1 per cent compared to the same month last year. Prices for meat, were up 3.1 per cent and prices of dairy products were up 3.5 per cent.
The fires and drought that have ravaged the western regions could also mean higher prices at restaurants and groceries stores come fall.
In the Conservatives’ 2021 election platform, they have promised to lower prices for Canadians through steeper penalties for price-fixing and introducing a code of conduct “to protect suppliers and to promote grocery competition.”
The Liberals, Greens and the Bloc Québécois have yet to publish a platform for this current election.
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