Why is inflation heating up at the grocery store again? Blame the loonie
Global News
While overall inflation has moderated, consumers are once again feeling the pinch on groceries. Here's why, plus some tips to save at the grocery store.
A weak Canadian dollar is being blamed as a key culprit behind sticky inflation at the grocery store, a trend one expert says he expects to persist heading into the holidays.
While overall inflation has moderated in recent months, settling back at the Bank of Canada’s two per cent target in October, consumers are once again feeling the pinch on groceries.
The annual cost of food bought from the store rose 2.7 per cent annually last month, accelerating from a rate of 2.3 per cent in September. October marked the third consecutive month grocery prices outpaced the rest of the consumer basket tracked by Statistics Canada.
Driving those costs higher in October were more expensive fresh vegetables and fruit, which rose at annual rates of 7.3 per cent and 7.6 per cent, respectively.
Pain at the grocery store is nothing new for Canadians. As Canada grappled with decades-high inflation over the past few years, grocery prices were among the largest contributors.
Ipsos polling conducted exclusively for Global News in late August found that 43 per cent of Canadians are worried they might not have enough money to feed their families.
Prices on food bought from stores rose over 20 per cent over the three years between July 2021 and June 2024, according to StatCan.
That rapid rise helps to explain why Canadians are still feeling “sticker shock” at the grocery store, explains personal finance expert Rubina Ahmed-Haq.
Canada's labour market added roughly 15,000 jobs in October, enough to keep the unemployment rate steady at 6.5 per cent in the month.
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