Food prices in Canada continue to soar in the face of labour shortages, the rising cost of goods and supply chain disruptions. Statistics Canada recently reported that the food inflation rate in the country has reached 7.4 per cent and that it will most likely rise again in the coming months.
Last December, Canada’s Food Price Report 2022 forecast an overall increase in food prices in Canada of up to seven per cent, but there is a strong possibility that market disturbances related to the conflict in Ukraine could push prices even higher this year. This could cause trouble for grocery retailers that have become the epicentre of food price increases.
