While Canadians are feeling the pocketbook pain of soaring inflation, some products have actually gotten cheaper in recent months.
According to data from Statistic Canada, the price of whole chickens has gone down 13 per cent since December 2021. Pork chops have seen a similar drop.
“Right now we’re in the middle of barbecue season. So if you want to look out for some deals, don’t move away from the meat counter. You can actually find some really good deals there,” said Sylvain Charlebois, director of Dalhousie University’s Agri-Food Analytics Lab, in an interview with CTV’s Your Morning.
Tomato prices have dropped 26 per cent, while canned salmon has seen a drop of four per cent. According to Charlebois, other products that have begun to see price drops include tofu, bananas and peanut butter.
For these products, Charlebois said the farm gate commodity prices have begun to fall.
“(Commodity) prices have actually gone down in the last few months, which is really easing the pressure across the supply chain.”
According to Statistics Canada last week, the year-over-year inflation rate in this country was at 8.1 per cent in June 2022, the highest it’s been in nearly 40 years. The food inflation rate also remains high at 8.8 per cent, but the data shows that food prices are beginning to plateau.
As market conditions become more favorable and predictable, Charlebois said grocery stores are now starting to offer better sales and discounts.
If you’ve noticed last few years, there’s less loss-leading, less discounts, fewer promotions. Why? Because it’s been more difficult for companies to plan ahead. Now it’s becoming easier. So as a consumer going out there to the grocery store, you should expect more discounts, which is really good news for everyone.”
Such deals are coming at a time when fuel prices are also off their recent peak. Across the country, gas prices dropped this past weekend to their lowest levels since April.
“Just a few weeks ago, we were paying a lot more for fuel than right now. And that’s having an impact on food prices overall, especially products that have to come from far, far away,” Charlebois said.
Watch the full interview with Sylvain Charlebois at the top of this video.