Today we got some more bad news, this time about the inflation of food prices. It seems that, almost every day now, we’re getting more and more negative news on the state of the Canadian economy.
According to a research done by Ontario’s Guelph University and Nova Scotia’s Dalhousie University, prices of fresh produce have been increasing, with inflation going into the double digits. In April 2016, average fruit prices were 11.7% higher than in April 2015, and vegetable prices were 14% higher. The highest increases were in the prices of cauliflower (which, at one point earlier this year, sold on average for a price of $8 Canadian for a head of cauliflower, and apples, which have an increase of almost 24% year-over-year. (TVA Nouvelles, CBC News, May 6, 2016)
According to the researchers, this double-digit inflation is the reason why more than 2/3 of Canadians surveyed said they refrained from buying certain fruits and vegetables during the last 12 months, with almost half of Canadians substituting fresh produce with frozen one, and about 17% buying fruin and vegetable juice instead of fresh fruits and vegetables.
And, yet again, this is a part of an ongoing trend, with prices rising month after month. In January, for example, the price of lettuce was 18% higher than in January 2015, with average vegetable prices rising by 18% that month on a year-over-year basis. The biggest increase last January was in the price of tomatoes, which rose by a whopping 30% in one month alone!!! (Statistics by Consumer Price Index)
Here, yet again, are some of the”symptoms” that I write about in my book. It is enough to look around and see what is going on, check the “vitals” of the economy for ourselves. Doesn’t this make you worried about where things are going?