Higher grocery prices continue to wallop Canadian household budgets, with food inflation ticking higher in May for the first time in nearly a year.
Statistics Canada reported Tuesday that grocery prices rose 15 per cent in May, slightly higher than in April when they rose 14 per cent. It marks the first acceleration in grocery prices since June 2023.
While the May increase was modest, it comes on top of already elevated grocery costs in Canada.
Overall, food prices are up 22.5 per cent since May 2020, Statistics Canada data shows.
The result is that food costs remain a significant drag on the consumer wallet, said RBC Capital Markets analyst Irene Nattel.
She added that the latest food inflation figures make it unlikely that consumers will give up their bargain-hunting behaviour, such as seeking out discount brands, promotions and sales.
This story is from the June 26, 2024 edition of Toronto Star.
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This story is from the June 26, 2024 edition of Toronto Star.
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