The Price Of Groceries Is Skyrocketing In Canada
Canadians are taking a hit at the grocery store.
A new Consumer Price Index Report from Statistics Canada shows that the price of many goods in Canada continues to increase. According to a release, the index "rose 1.9% on a year-over-year basis in March, up from a 1.5% increase in February."
"Prices increased year over year in all eight major components," Statistics Canada continues. Canadian consumers have likely noticed price increases particularly at the grocery store: "fresh vegetables (+15.7%) and fresh fruit (+8.6%) led the year-over-year gain in the food index at the Canada level." Though in Manitoba and Saskatchewan, "price increases for food" were "smaller in March than in February.
Energy prices, meanwhile, continue to decrease — down "1.2% in March, following a larger decline in February (-5.7%)."
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TL;DR Fresh vegetables and fresh fruit have increased in price by 15.7% and 8.6%, respectively, since March 2018.
On a Canada-wide scale, the average price for one kilogram of apples increased from $4.19 to $4.71 between March 2018 and March 2019. The price of 4.54 kilograms of potatoes increased a whopping $1.62 from $7.17 to $8.79.
Thankfully, according to Global News, the Bank of Canada projects that this may be the last of dramatic price inscreases for a while. A strengthening economy will mean more stable prices for consumer good later in the year.
In the meantime, Canadians will continue to feel the effects at the grocery store.
Review the summary of data from Statistics Canada here. You can also browse year-over-year price increases for specific grocery goods on this table here.
Stay tuned for more news.