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‘Meat’s up six percent, bread’s up 13 percent, coffee’s up eight percent, baby food’s up nine percent. If you look at food overall it is up nine percent,’ said Bank of Canada governor Tiff Macklem.
(LifeSiteNews) — Food prices in Canada are shooting up amid ongoing “climate” taxes and regulations imposed by Prime Minister Justin Trudeau’s federal government.
According to a September 5 report by Statistics Canada obtained by Blacklock’s Reporter, food prices are rising faster than the headline inflation rate – the overall inflation rate in the country – as staple food items are increasing at a rate of 10 to 18 percent year-over-year.
“We have been surprised,” Bank of Canada Governor Tiff Macklem said.
“Meat’s up six percent, bread’s up 13 percent, coffee’s up eight percent, baby food’s up nine percent,” he added. “If you look at food overall it is up nine percent.”
Acknowledging the persistent nature of inflation, Macklem dismissed the idea of cutting interest rates, which are currently at their highest rate in 22 years. “It is clearly too early to be talking about interest rate cuts,” said Macklem. “We are certainly trying to balance the risks.”
According to the Bank of Canada’s last Monetary Policy Report, an inflation rate of two percent – the Bank of Canada’s target rate – is not expected until “the middle of 2025.”
“Further easing of inflation will take longer than expected in previous reports,” the Bank of Canada said.
Average checkout prices in July revealed that hamburger costs went from $10.64 per kilogram to $11.19 per kilogram, a five percent increase, while the Consumer Price Index (CPI) – the tool employed by economists to measure overall inflation in the economy – was only 3.3 percent. This means that while overall inflation may be relatively close to the 2 percent target, many essential goods, such as food, are not.
The report further revealed that the following food have increased drastically in the past year:
- 10 percent more for butter from $5.72 per 454 grams to $6.27;
- 10 percent more for eggs from $4.29 per dozen to $4.71;
- 10 percent more for oranges from $5.75 per 1.36 kilogram bag to $6.35;
- 10 percent more for potatoes from $5.24 per 4.5 kilogram bag to $5.75;
- 15 percent more for romaine lettuce from $2 per head to $2.30;
- 16 percent more for margarine from $6.56 per 907 gram tub to $7.61;
- 17 percent more for peanut butter from $5.31 per kilogram to $6.19;
- 18 percent more for apple juice from $3.23 per two litre jug to $3.80;
- 33 percent more for celery from $2.78 per bunch to $3.70.
On September 7, Macklem told Canadians that the Bank of Canada may raise interest rates further as he believes inflation is likely to stay high for some time.