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Canada’s inflation rate has fallen into the red for the first time since the Great Recession, but shoppers cruising sparsely stocked grocery shelves wouldn’t know it.
Consumers paid 4.4% less for transportation, 4.1% less for clothing, but 3.4% more for food, the largest increase of any major component, according to Statistics Canada. Unlike other recessions, the crisis brought on by the coronavirus has hit both demand and supply. Food service, which generates more than $90 billion in revenues a year, was essentially shut down overnight, said Charlebois.
“Food has always been a high-volume, low-margin business and that is not going to change,” said Charlebois. And the industry, paying more to produce and distribute that food, is going to charge consumers more. “In 1970, Canadian households were spending 21% of their budgets on food. So, in a sense, we are going back in time,” he wrote.
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