TORONTO, Ont. – If your grocery budget does not seem to be going as far lately it could be because the cost of food is going up much faster than we are used to.
Prices are rising at their quickest pace in two years.
Food prices rose 4 per cent in June when compared to the same month last year.
It is now the highest level since July of 2009.
Mel Fruitman with the Consumers Association of Canada told 680News there is a good explanation.
“Food prices are volatile, agriculture is volatile. It depends so much on weather conditions and on the competitive world environment.”
Meat, bread and fresh vegetables seem to be outpacing the growing cost of other staples.
But even though it is weighing on people’s wallets, Fruitman said food prices in Canada are among the lowest in the world.
“We really aren’t doing too badly when you look at the cost of food as part of the total cost of living.”
The Bank of Canada says they are watching the gains and have noted that they are weighing heavily on consumer spending.
Rising prices are not expected to ease up in the second half of this year.