You may want to stock up on your favourite booze before the weekend. Like the price of gas, it too is going up.
The Société des alcools du Québec (SAQ) announced on Monday that they would implement an upward price adjustment averaging 3.7% starting Sunday, May 22.
The price hike will affect 2,550 SAQ products. According to a press release, the regions that will experience the most significant price increases are Beaujolais (6.4%), Burgundy (7.7%), and Loire Valley (5.5%).
According to the SAQ, global supply chain issues, climate challenges, higher taxes, and an increase in suppliers’ production costs are all factors in the price adjustment.
“As I’ve had occasion to mention in recent weeks, our suppliers are facing major challenges while inflation is reaching new heights worldwide,” said Catherine Dagenais, President and Chief Executive Officer of the SAQ. “Our teams have bargained hard with suppliers to maintain the right balance between offering fair and competitive prices to customers and addressing the legitimate concerns of suppliers dealing with these challenges.”
This is the second substantial cost increase in the last six months. The first one came when the SAQ announced it would raise prices on over 1,000 products by an average of 1.66% back in November.