Soaring dairy prices drive steepest rise in food inflation in 13 years

Food prices rose by 8.7 per cent in March compared with the previous year, the biggest year-over-year increase since 2009. The jump in food outpaced the overall consumer price inflation of 6.7 per cent for March, Statistics CanadaGasoline and various costs related to housing carry bigger weights in the consumer price index, but food is an important actor in the inflation story because households are confronted with the cost of nutrition on a weekly basis.

“These are unprecedented food price increases,” said Simon Somogyi, a professor at the University of Guelph who specializes in the business of food. “This is not good news for families.”Article content Dairy and egg prices rose faster than they have since 1983, with milk prices up 7.7 per cent, cheese up 10.4 per cent, and butter up 16 per cent. Fresh and frozen beef prices surged 14.1 per cent in the last year, while ham and bacon was up 15 per cent.

“I’m staggered by the increase in butter prices,” Somogyi said, adding that rising feed costs help explain why some of the largest increases in latest inflation report are for animal products. Higher grain costs also pushed up pasta prices in March by 17.8 per cent, while breakfast cereal rose more than 12 per cent year over year, the biggest increase since 1990.across Western Canada, tightening the supply of domestic grain and driving up feed costs.

In February, the Dairy Commission of Canada , the federal body that controls farm-gate milk prices under Canada’s supply management regime, announced an 8.4-per-cent increase in the price that dairy companies must pay farmers for milk. The historic increase was meant to account for higher fuel, feed and fertilizer costs, the CDC said.

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