Food Inflation Ticks Higher in May for First Time in Nearly a Year

Published on June 25, 2024

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 on June 25 that grocery prices rose 1.5 percent in May, slightly higher than in April when they rose 1.4 percent. 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 percent since May of 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....

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