Rising food prices are not sparing Canadians and the bill for a trip to the grocery store continues to skyrocket. Statistics Canada said Wednesday that food prices rose 7.4% in February, compared to the same month last year. This increase comes as headline annual inflation climbed to 5.7%, its highest level since 1991.
Posted yesterday at 2:40 p.m.
Some economists expect inflation to slow in the second half of the year, but prices will come under even more pressure before they get to that point.
“Unfortunately, we will probably see a further acceleration in inflation in March,” warns Royal Bank economist Josh Nye.
In addition, Statistics Canada highlighted dairy products in the Consumer Price Index release because they were one of the main contributors to the price increase in February. The rise in the price of dairy products can in part be attributed to the decision of the Canadian Dairy Commission to increase the price of milk at the farm gate by 6 cents per liter effective the 1er February.
Here is a breakdown of the price increase of some popular food items between February 2021 and February 2022:
- Milk: 6.6%
- Eggs: 7.2%
- Chicken: 10.4%
- Beef: 16.8%
- Bacon: 16.1%
- Apples: 5.3%
- Oranges: 9.4%
- Bananas: 3.7%
- Other fresh fruits and vegetables: 3.8%
- Bread, rolls, buns: 3.7%
- Coffee: 8.5%
- Nut butter: 5.6%
- Chips and other snacks: 5.8%
- Store-bought beer: 3.6%
- Store-bought wine: 2.1%
- Store-bought alcohol: 1.0%
- Baby food: 4.3%
- Delivery app services (includes delivery from grocery stores and restaurants): 1.4%