Finance

Food prices jump 8.7 percent as Canadian inflation hits 31-year high

by Carlito Pablo on April 20th, 2022 at 10:57 AM
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      Canadians paid 8.7 percent more for food in March 2022 compared to the same month last year.

      This comes as inflation rose to its highest level in 31 years.

      Statistics Canada reported Wednesday (April 20) that consumer prices increased 6.7 percent year-over-year in March 2022.

      That’s up one percent from the gain in February of 5.7 percent.

      “This was the largest increase since January 1991 (+6.9%),” the Statistics Canada reported.

      The 8.7 percent increase in prices last March for food purchased at stores exceeded the 7.4 percent recorded increase in February 2022.

      “This is the largest yearly increase since March 2009,” Statistics Canada said about food prices.

      The agency continued, “Increases in input prices and transportation costs continued to put upward pressure on grocery prices.”

      Dairy products and eggs rose 8.5 percent year-over-year in March 2022, following a 6.9 percent increase in February.

      “This is the largest yearly increase since February 1983,” Statistics Canada reported.

      The agency noted that increases in prices for butter (16 percent), cheese (10.4 percent) and fresh milk (7.7 percent) contributed to the hike.

      Also, prices for pasta products rose 17.8 percent year-over-year in March.

      It’s the “largest increase since January 2009”.

      Moreover, breakfast cereal and other cereal products (excluding baby food) increased 12.3 percent year-over-year.

      That’s the “fastest pace of price growth since June 1990”.

      How about the cost of eating out?

      “Canadians paid more to dine out, as prices for food purchased from restaurants (+5.4%) rose at a faster pace year over year in March than in February (+4.7%),” Statistics Canada reported.

      In addition, gasoline prices rose 39.8 percent year over year in March.

      “Prices increased against the backdrop of sustained price pressure in Canadian housing markets, substantial supply constraints and geopolitical conflict, which has affected energy, commodity, and agriculture markets,” Statistics Canada reported.

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