![]() Loblaw says price increases have totalled $1 billion, double what the retailer normally faces. On Wednesday, Loblaw's chief financial officer Richard Dufresne said the company is "highly concerned" about the cost increases it faces from suppliers. Twelve per cent say government policy – including spending programs and regulatory red tape for food producers – is mostly to blame. Another 15 per cent say events, such as the war in Ukraine and weather events including droughts and flooding, are forcing up the price of food. The Yahoo/Maru poll found that 28 per cent of Canadians believe prices are up because of the higher costs grocery retailers are facing. While the vast majority of Canadians believe skyrocketing food prices are here to stay, Maru executive vice-president John Wright says "a majority don't pin the blame squarely on companies selling those goods."Ībout four in 10 Canadians (39 per cent) say grocers are to blame for skyrocketing prices, and that food retailers have been making higher profits off inflation, something Canada's biggest grocery chains have denied. Meat prices were up 6.9 per cent annually, bakery products up 12.9 per cent, and dairy products some 7.4 per cent higher. The cost of fresh fruit jumped 10.4 per cent, in part because grape prices soared 30 per cent on a monthly basis. The cost of food purchased from grocery stores increased 9.1 per cent annually in June, up from 9 per cent in May. Another 26 per cent expect prices will likely remain the same in six months, while just 3 per cent believe that the cost of food will fall in that time frame.Įven as Canada's overall inflation rate has slowed – the Consumer Price Index dropped to 2.8 per cent in June – food prices have remained high. ![]() The survey of 1,527 Canadian adults found that 71 per cent of Canadians believe food costs at their local grocery stores will be even higher six months from now. (THE CANADIAN PRESS/Kelly Clark)Ī majority of Canadians believe grocery prices will continue to rise, a new Yahoo/Maru Public Opinion poll has found, even as the country's overall inflation rate returns to the Bank of Canada's target range. The BoC discussed the idea that the impact of monetary policy could have been delayed by the unusual circumstances of the pandemic and the recovery, but ultimately decided rates needed to be more restrictive to cool growth and lower inflation.A majority of Canadians believe grocery prices will continue to rise, a new Yahoo/Maru Public Opinion poll has found, even as the country’s overall inflation rate returns to the Bank of Canada’s target range. The governing council agreed earlier this month that "the data clearly indicated that excess demand and elevated core inflation were proving to be more persistent than expected," the minutes said. However, money markets still see a chance for another rate hike this year. On Monday, a BoC survey of market participants showed a median of the participants expect the bank to hold interest rates at 5.00% until the end of 2023, before starting to cut rates in March. Many analysts are beginning to bet that the overnight rate will not go up any further. But they did not want to do more than they had to." The governing council members also agreed they were prepared to raise rates further "if inflation pressures did not ease as projected and progress toward the 2% target stalled. The complaint was filed by The Knight First. The consensus was that "the cost of delaying action was larger than the benefit of waiting," the BoC said. NEW YORK (AP) - A First Amendment group sued Texas Governor Greg Abbott and others on Thursday over the states TikTok ban on official devices, arguing the prohibition - which extends to public universities - is unconstitutional and impedes academic freedom. Thirty-five per cent of Canadian homeowners say they can handle the Bank of Canadas current benchmark interest rate of 4. Governor Tiff Macklem said at the time that the Bank of Canada (BoC) would base future policy decisions - the next one is due Sept 6 - on incoming data and the outlook for inflation.Īccording to the summary of deliberations, or minutes, the six governing council members discussed "whether it was appropriate to raise the rate in July or wait for more evidence". It also lifted its 2023 growth forecast and pushed back by six months to mid-2025 its expectations for getting inflation to its 2% target. The bank announced a 25 basis point increase in rates to a 22-year-high of 5.0% on July 12.
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