Cost of food bought from grocery stores rose 9.1% annually in June, up from May's 9% From alicjawithaj
Read full articleA majority of Canadians believe grocery prices will continue to rise, a new Yahoo/Maru Public Opinion poll has found, even as the country’s overall inflation rate returns to the Bank of Canada’s target range. Yahoo/Maru Public Opinion poll
Even as Canada's overall inflation rate has slowed – the Consumer Price Index dropped to 2.8 per cent in June – food prices have remained high. The cost of food purchased from grocery stores increased 9.1 per cent annually in June, up from 9 per cent in May. The cost of fresh fruit jumped 10.4 per cent, in part because grape prices soared 30 per cent on a monthly basis. Meat prices were up 6.9 per cent annually, bakery products up 12.9 per cent, and dairy products some 7.4 per cent higher.
On Wednesday, Loblaw's chief financial officer Richard Dufresne said the company is "highly concerned" about the cost increases it faces from suppliers. Loblaw says price increases have totalled $1 billion, double what the retailer normally faces."We have received double-digit increases from the same suppliers who gave us double-digit increases last year.
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