Canada’s Inflation Rate Fell To 2.8%, But Why I Can’t Afford To Eat?

Despite Canada’s inflation rate falling to 2.8 % in two years,  food prices remained high. Many Canadians can’t afford to eat because of food inflation showed no improvement.

Canada’s Inflation Rate fell down but grocery bills still going up [Photo: CNN]

Why I Can’t Afford To Buy Groceries?

Many Canadians ask why their grocery bills still going up after Canada’s inflation rate fell to 2.8 percent. They can’t afford to eat because of the continuous high price of groceries. Canadians noticed that food prices in stores increased by 9.1 percent. Most of them felt frustrated.

According to The Canadian Press, the meat price went up to 6 percent, dairy products went up to 7.4 percent, and bakery products went up to 12.9  percent. While the prices of fresh fruits wildly increase to 10.4 percent than in May that is only 5.7 percent. In restaurants slightly lowered by 6.6 percent.

The Bank of Canada doesn’t seem affected by food prices at all. The central banks raise their interest rate to moderate price increases in periods of high inflation but the food prices don’t respond to interest rate policy because the food demand is relatively steady. So if interest rates won’t help bring down food prices, what will? From the published article of The Conversation. But there is a report suggesting that more competition might help high food prices in Canada.

READ ALSO: Looking For Hints To Get An Extra $1,983 In Every Social Security Check- Read It Right Away!