Food Bank Items inside grocery cart (Photo Submitted)
Foodflation is a termed used to explain how the cost of food as increased along side Canada’s rate of inflation.
Last week Industry Minister François-Philippe Champagne announced last week that the grocers have presented initial plans to stabilize prices, including discounts, price freezes and price-matching campaigns.
Back in September, the federal government gave an ultimatum to the grocers in Canada saying they should present plans to help stabilize the price of food by Thanksgiving or face potential tax measures.
The ultimatum was a response from Canadians who are facing the rapidly climbing prices of food.
Back in August 2023, prices are 6.9 per-cent higher than August 2022.
Canada’s overall inflation rate in 2022 was 4.0 per-cent.
During Champagne’s announcement last week, he did not share what products may be affected.
Many countries in Europe have already mandated price controls for staple foods due to inflation in those countries.
Comments