Price Hikes: What's the deal?
As we have known for a while, living in this world isn't cheap and money makes the world go 'round. Most people understand the concept of inflation, which is the steady increase in the price of goods.
Canada's Food Price Report, released in December of 2021 and published by Dalhousie University and the University of Guelph, is the most comprehensive and data-driven document available about food.
Like most things, COVID-19 caused supply chain issues that completely altered prices and general availability. Weather anomalies sure as the heat bubble also affected food production and delivery.
Last year, the same report was forecasting a 3-5% increase in the price of food, with an average 4-person family spending approximately $13,900 annually to feed themselves.
This year, the forecast is predicting a 5-7%, which is nearly an extra $1000 to the annual cost of groceries for a family of 4.
Usually, different food types are expected to rise at different rates, with dairy and baked goods to rise higher than meat and seafood.
The rising prices are typically associated to the rising costs of manufacturing as well as transportation.
According to Stats Canada, the cost of living is the highest it has been in the province since 1991.
From September 2020, until September 2021, gas prices rose in Quebec by 34.9%, and Quebecers who bought a new car saw an overall increase of 6.3% from the previous year.
It is unsure when and if these prices will ever go down again, though many Canadians have made lifestyle changes, such as becoming a vegetarian and using public transit, in order to save money.