Food Prices: A Boon for Producers, a Buffer for Consumers - Study

by Statistics Canada
Source: HANS e-News - June 15, 2008

Canada is uniquely positioned to weather the storm of sharply-rising prices for grains and rice, and is even poised to profit from the current surge, according to a study released today in the Canadian Economic Observer.

Overall, consumer prices for food consumed at home in Canada have risen only 1.2 percent in the 12 months ending in April 2008. Food prices increased 7.1 percent in the European Union and 5.9 percent in the United States during the same period. Countries in Asia with rice-based diets are experiencing the fastest increase in food costs, as the price of rice doubled early in 2008.

While consumers in Canada face higher prices for bread and cereal products, they have been insulated at the checkout counter from higher overall grocery bills by stable or falling prices for most other products, the study found.

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