These dairy products will likely cost more in Canada next year
Your grocery bill is about to get a little pricier.
Dairy products in Canada are expected to cost more in the new year, according to the Canadian Dairy Commission (CDC).
As of February 1, 2023, the commission says farm gate milk prices will increase by 2.2%, or $0.0174/litre (less than two cents per litre).
The CDC has announced the new farm gate price of milk that will go in effect on February 1, 2023.https://t.co/xjhWdwAKKA
— Canadian Dairy Commission (@CDC_Dairy) November 1, 2022
The price hike is based on dairy farmers’ cost of production, and the country’s inflation rate.
Unfortunately, both of those factors have spiked in the past year.
“In the last year, producers faced increases in feed costs, fertilizer costs, fuel costs, and interest rates. Disruptions to supply chains continue to put upward pressure on input costs,” reads an announcement from the federal government.
On top of that, Statistics Canada’s latest report saw food inflation jump to 11.4%, the fastest in over 40 years.
According to the announcement, the dairy products affected by this price hike include milk, cream, yogurt, cheese, and butter.
- You might also like:
- Loblaw made an extra $1 million per day during year of inflation: report
- Competition Bureau to investigate fastest spike in grocery store prices in 40 years
- Food inflation spikes to 11.4% at fastest pace in over 40 years
This comes as grocery stores are under intense scrutiny from consumers who suspect that they’re trying to profit off of inflation.
Loblaw has implemented a price freeze on all No Name products in an effort to help customers with rising food costs, but it was met with backlash.
These new dairy prices will be official once they’re approved by provincial authorities later in 2022, stated the government.