Searing hot inflation could shift Canada Day BBQs to ‘hotdogs instead of steaks’
Global News
If you're having a group of friends and family over for a barbecue this Canada Day long weekend, the costs might be up to 17 per cent more to grill the same food as lsat year.
The Canada Day long weekend is the perfect time for burgers on the grill, cold drinks and time with family and friends.
Yet a backyard barbecue comes with a bigger price tag this year.
Food prices soared 9.7 per cent in May compared with a year ago as inflation hit its highest level in nearly 40 years.
Prices for many barbecue favourites like steaks and veggies have increased even more, which will make entertaining with family and friends this weekend costlier.
Using prices gathered by Statistics Canada, the cost of hosting a Canada Day barbecue with eight adults and eight children today would cost $302.04 — more than 17 per cent higher than in 2021, when the bill came to $257.27.
The higher prices could prompt a shift in shopping and consumption habits as people look to save money at the grocery store.
“Prices are going up much faster than we’ve been accustomed to for the past four decades,” said Sal Guatieri, a senior economist at BMO Financial Group.
“People may start to switch to cheaper items, especially when it comes to food. They may substitute chicken for steak to save money, for example.”
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