21 Dec 2024

Dairy | Food inflation hit highest rate in 41 years, in September

Grocery prices in September were up 11.4% from a year earlier, the fastest food-inflation pace in 41 years.

Not since August 1981, when Pierre Trudeau was prime minister, have Canadians witnessed a higher (11.9%) year-over-year rise in the cost of store-bought food, according to the latest (Oct. 19) Consumer Price Index update from Statistics Canada.

Canadians paid more for meat (7.6%), dairy products (9.7%), bakery products (14.8%), and fresh vegetables (11.8%), among other food items, in September 2022 over September 2021.

Grocery prices have been increasing faster than the overall Consumer Price Index for the last 10 months, since December 2021. That trend continued in September as the Consumer Price Index — which includes many common goods and not just food — went up 6.9% on a year-over-year basis.

StatCan blames rising food prices on unfavourable weather, higher fertilizer and natural gas costs and geopolitical instability stemming from Russia’s invasion of Ukraine.

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The price for the butter so essential to the pastries has shot up in recent months, by 25% since September alone, Delmontel says.

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Topics |
Dairy, Dairy market, food, industry, inflation, Prices, production

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