JUSTINFLATION: Bank warns that Canadian food costs will continue to rise

These prices are expected to increase by 8 percent on average and will be felt across Canada, according to Blacklock's Reporter.

"We believe food inflation will remain elevated for the foreseeable future," said Farm Credit Canada in a new report. As supply chain disruptions and labour challenges ease and the supply of agricultural commodities rebound we should record lower food inflation."

"The difficult question is around the timeline associated with a return to average inflationary pressures," they added.

Inflation is continuing to rise under Justin Trudeau's government, with the Bank of Canada governor suggesting that inflation will run close to 5 percent.

This is a steeper forecast than what the Bank of Canada was originally expecting, although the governor has not yet suggested that interest rates will be raised to counteract the inflation.

"We recognize inflation is actually likely to move a little higher in the remaining months of this year," said the governor on Wednesday.

The Trudeau government has pledged $78 billion in new spending over the course of the next five years. This is in addition to the $101 billion that the prime minister has already committed in his previous budget.

Despite this, Trudeau claimed on the campaign trail that when he thinks "about the biggest, most important economic policy this government, if re-elected, would move forward. You’ll forgive me if I don’t think about monetary policy."