Bacon lovers, you may be in for an unpleasant surprise on your next grocery run. The price of bacon in Canada hit record highs in August 2021, according to Statistics Canada’s monthly data. It’s one of many grocery products to go up in price recently at Canadian stores.
The average cost of a 500-gram pack of bacon hit $8.24 CAD in August, which is the first time that the price exceeded $8, reports CTV News. The price rose 55 cents since April and was $1.28 more expensive this August than at the same time last year, the outlet says.
Prices of other meat products have seen a significant uptick over the past few months too, including 1 kg sirloin steak, which went up by $1.73 between April and August 2021. Hot dogs, pork chops, and stewing beef have also been affected.
If you feel like you’re spending more money at checkout these days, you’re not imagining it. A study by Dalhousie University’s Agri-Food Analytics Lab and Caddle says that there are several factors that are making groceries go up in price right now.
The study estimates that Canada’s food inflation rate is close to 5% and says that “macroeconomic shocks” like unfavourable weather conditions and pandemic-related logistical issues are to blame.
In a survey of over 10,000 Canadians, 86% of people believe that food prices are higher today than they were 6 months ago, especially meat products. It also cites StatCan data that says grocery prices have risen from 8% to 10% in the last 6 months.
As a result, Dalhousie University found that Canadians are opting for coupons, flyers, and discounted items to combat the rising cost of groceries. So if you’re not willing to shell out bigger bucks on your bacon and eggs breakfast, you better grab a flyer and wait for a good deal.