Industry Snapshot: Food prices increase as inflation hits the Consumer Price Index

Toronto – May 26, 2021 – Kevin Grier Market Analysis and Consulting has provided a glimpse of what the latest numbers from Statscan mean for your grocery bill.   

The consumer price index which records the highs and lows of food prices across the country has measured a 3.4% increase in food prices since April of last year.

The biggest gains in food prices come from chicken, bacon, eggs, flour and pickled vegetable items seeing increases anywhere from 6% to 13%.

Not all food items benefited from a strong year in price increases, items such as canned tuna, fresh vegetables, pasta and pork saw price decreases anywhere from 3% to 7%.

With government spending at historic levels and central bankers eager to buy up debt by increasing money supply, prices at the grocery store are on the rise, imploring households to budget accordingly.

After years of low inflation and rock-bottom interest rates, the Canadian economy is positioned to outperform most estimates despite historically high unemployment.

As public health restrictions ease in coming months and employment rates level-off, are we in store for even higher levels of inflation? One thing is for sure, you can count on Industry Snapshots to keep you informed amidst all the noise.