Food prices are ~ still ~ skyrocketing.🥫
Statistics Canada's Consumer Price Index (CPI) for August 2022 shows inflation slowing down in Canada. But food prices are a notable exception.
The CPI was up 7% overall in August 2022 compared to August 2021. That's down from 7.6% year-over-year price growth in July. Grocery prices, meanwhile, increased by a whopping 10.8% year-over-year, up from 9.9% in July.
In a report published September 20, Statistics Canada notes that while, excluding gasoline, August 2022 was the first month since June 2021 that CPI growth decreased on a year-over-year basis, grocery store food prices "rose at the fastest pace since August 1981."
Chart showing year-over-year grocery item price increases.Statistics Canada
At the top of the list of food items with the biggest 12-month price increases were edible fats and oils, for which Canadians have had to shell out an average of 27.7% more since August 2021.
Next up were condiments, spices and vinegars (17.2% year-over-year price increase); bakery products (15.4%); cereals (14.5%); preserved veggies and so-called "vegetable preparations" (also 14.5%); and non-alcoholic beverages (14.1%).
Coffee and tea (13.5%); fresh fruit (13.2%); sugar and confectionery items (11.3%); and eggs (10.9%) also saw double-digit price growth rates.
As for animal flesh, StatsCan says Canadians paid 8.7% more for fish, seafood and "other marine products" in August 2022 compared to August 2021 and 6.5% more for other meats.
And dairy products increased in price by 7% year-over-year.
The federal agency says supply chain disruptions, extreme weather events and the Russian aggression in Ukraine have all contributed to continued food price increases.