Fore­cast for food in­fla­tion low­ered, but meat prices to jump in 2017: re­port

The Telegram (St. John’s) - - BUSINESS -

TORONTO - The re­searchers be­hind Canada’s an­nual food price re­port say that while they ex­pect food in­fla­tion to be slightly lower this year than pre­vi­ously es­ti­mated, shop­pers should ex­pect big jumps in the price of meat. The mid-year fore­cast up­date by re­searchers from Dal­housie Uni­ver­sity in Hal­i­fax projects gro­cery and restau­rant food prices will rise be­tween three and four per cent this year, rather than the three to five per cent they an­tic­i­pated back in De­cem­ber. How­ever, meat will be more ex­pen­sive than they pre­vi­ously thought, with prices ex­pected to jump seven to nine per cent by the end of the year.

Lead au­thor Syl­vain Charlebois says the spike is due to low in­ven­to­ries, par­tic­u­larly for cat­tle and hogs, as well as gro­cers boost­ing prices to in­crease prof­its at the meat counter after prices were a lit­tle bit de­pressed at the end of 2016.

The re­port says Cana­di­ans can also ex­pect to see prices go up by as much as five per cent for fruits and four per cent for veg­eta­bles, blam­ing Cal­i­for­nia’s rainy win­ter for some crop losses.

The mid-year up­date pro­vides some good news for shop­pers’ wal­lets. Prices for dairy, eggs, bak­ery goods and ce­re­als are ex­pected to drop be­tween one and three per cent.

They were ex­pected to re­main flat or rise up to two per cent.

Newspapers in English

Newspapers from Canada

© PressReader. All rights reserved.