The president of Metro, Éric La Flèche, was preparing the spirits this week for other increases in food prices. It shifted blame back to suppliers, portraying retailers as victims who are forced to pass the bill on to the consumer.
His intervention almost went unnoticed as inflation has been part of our daily lives for a year and a half. The prices of all products are increasing! We hear it on everyone’s lips all the time. It has become a hobby, a habit.
In the case of food, the price increases were particularly cruel. Goods are essential and increases have been the worst.
The numbers freak that I am has sometimes displeased the public when I coldly explained price increases. The price of commodities had exploded on a global scale. The price of oil to transport the goods too. In the spring of 2022, inflation was a real problem. Although it frustrated us, the numbers are stubborn.
However, the figures must be returned to see them all the time. Spring 2023, a year later, are the food giants justified in telling us that groceries will continue to cost more and more?
I gave an overview of the world commodity market. Many food staples are traded on a global market, with a global price, like a stock market.
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Numbers
Since the completely crazy high in the spring of 2022, here’s what has happened to prices.
- The price of wheat has fallen by 47%
- The price of corn has fallen by 22%
- The price of soybeans has fallen by 23%
- Oat prices down 51%
- The price of basic cheese has fallen by 30%
- The price of milk has fallen by 36%
- The price of coffee has fallen by 21%
- Canola price down 42%
- The price of sunflower oil has fallen by 60%
- The price of pork has fallen by 31%
- The price of poultry has fallen by 16%
- The price of eggs has fallen by 56%*
And for the transport of all products, the price of a barrel of oil has fallen by 35%.
There are exceptions: sugar, cocoa and orange juice continued to rise.
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Are there any questions
Of course, I am aware that these reduction percentages are calculated from a historical peak in the history of food prices. But these are nevertheless reductions of which the consumer has never felt the effect.
We are also well aware that labor costs are rising sharply. It is difficult to find employees and they have to be paid accordingly. There are all the supply chain issues and the increases in packaging products.
However, it is no longer a question of blissfully accepting the principle that grocery costs are constantly increasing. The consumer is entitled to ask questions.
It’s expensive, but the price of raw materials is falling…
- Corn -22%
- Coffee -21%
- Milk -36%
- Wheat -47%
- Cheese -30%
- Eggs -56%
*Source: Trading Economics: price decline observed since the 2022 peak.
