Grocery prices are still rising at a far higher annual pace than overall inflation, but experts expect to see them continue moderating as the year progresses. The price of groceries grew 8.5 per cent in July compared with last year, down from a 9.
Grocery prices are still rising at a far higher annual pace than overall inflation, but experts expect to see them continue moderating as the year progresses.
But looking at the year-over-year increase in food prices doesn’t tell the whole story, said Michael von Massow, a food economy professor at the University of Guelph in Ontario. “We can’t defer food purchases,” he said. “We can change our behaviour with driving if we want, we can defer the purchase of a new computer ... but we can’t defer food.”
There’s some reason for optimism in the coming months, as seasonal harvests in Canada could help ease the cost of some fruits and vegetables, said von Massow. But food prices are also much more vulnerable to the effects of extreme weather, and could also be impacted by the war in Ukraine as Russia exited its grain export deal, he said.
Some forecasters are saying the latest inflation report has raised the odds of an interest rate hike next month from the Bank of Canada.
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