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According to RBC, food prices will rise by 2 to 2.5 per cent in 2021, while the Canadian food price report shows a rise of 3-5 per cent; meat and vegetable prices are expected to rise 4.5-6.5 per cent, while fruit prices are expected to rise 2-4 per cent.
The collapse in oil prices and the weakness of the Canadian dollar have pushed up the price of imported goods in 2020, which will continue in 2021.
Janzen pointed out that agricultural prices will not decline in 2021, and demand for agricultural products will continue to translate into higher prices.
This means that Canada’s groceries, including food, imports and agricultural products will continue to rise in 2021.
For many retailers that provide retail goods and services, epidemic-related costs such as enhanced cleaning, providing employee protective equipment and installing glass shields are likely to be retained and passed on to consumers.
Farla Efros, president of HRC retail consultancy, expects prices in major retail sectors to rise by 5 to 10 per cent. She also pointed out that to some extent, the epidemic also exposed the need to regulate cleaning and hygiene procedures.
“cleaning procedures may become a norm. And (higher prices) it will be like a goods and services tax, once it appears, it will never disappear. ”
Consumption at different stages of the epidemic also shows that consumers are willing to pay more for the goods or services they need or want, Efros added.
2020 was a “crazy” year for oil, with demand plummeting as a result of epidemic restrictions and an economic downturn, and US crude oil prices fell negative for the first time in April.
Although gasoline prices have shaken off their lowest level in more than a decade in 2020, a sharp rise is unlikely because infections continue to occur in Canada and many companies will continue to keep employees working from home, analysts said.