Experts are warning that the price of food at local grocery stores are likely going to increase for several months.
Statistics Canada has reported a 2.7 percent increase in food prices over the past year, but new research is now showing that it may be actually five percent or more. In specialized areas such as that of meat products, more than 10 percent.
Sylvain Charlebois, the senior director of the Agri-Food Analytics Lab at Dalhousie University, told BNN Bloomberg and CTV News that food prices have seen increases of about five percent since January.
"Now five percent may seem low, but for consumers out there looking for similar products, some products have actually gone up by 20, 25 percent," he said, saying that we are in inning three of a nine-inning game of inflation.
The cost of meat specifically, Charlebois said, is one that most people will notice. Beef, for example has risen by 50 percent, with chicken seeing a 13 percent increase.
Research has found that 42 percent of Canadians are now spending more time scouring flyers and coupons in order to look for deals at supermarkets. Forty-nine percent of Canadians also said they have reduced their consumption of food products, especially for meat products.
Inflation, especially food inflation, is a bit of a worldwide phenomenon in the year 2021, mainly brought on by supply chain issues and the many restrictive measures placed on industries like transportation. Canada's total inflation is now at 4.2%, the highest on record in almost two decades.
According to a report conducted by StatCan: "Prices for fresh or frozen chicken (+10.3%) and fresh or frozen beef (+13.0%) were up in September, partly due to higher input costs and continued strength in demand."
"Pork (+9.5%) and processed meat (+6.2%) prices increased in September compared with September 2020. Prices for bacon (+20.0%) saw the largest year-over-year gain since January 2015. Temporary closures of production facilities partially contributed to the higher prices.
"Prices for seafood and other marine products also rose year over year (+6.2%). Consumers paid more for shrimps and prawns (+8.9%), which contributed the most to the increase, as supply chain disruptions in major export countries continue to have an impact on prices.
"Prices for dairy products (+5.1%) such as butter (+6.3%) and cheese (+4.6%), and eggs (+5.4%), all rose in September compared with the same month last year. Prices for edible fats and oils rose 18.5%, the largest year-over-year increase since January 2009."
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