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Consumers may have noticed that there are long queues outside shopping malls every time the Canadian government announces that an area will enter a more stringent epidemic prevention category.
Epidemic prevention measures have increased the cost of businesses, and the prices of many goods have gone up as a result. Some experts say that in the new year, many categories of consumption are likely to continue to have higher prices; demand for non-essential goods is likely to resume by the end of 2021.
According to CTV News, Nathan Janzen, senior economist for economic research at RBC Bank, said the impact of the pandemic has changed people’s spending patterns and spending power in many ways.
Jensen says the cost of groceries is expected to rise by about 2.5 per cent by 2020. As the epidemic continues, the trend is expected to continue into the new year, with food prices rising faster than the overall inflation rate.
According to RBC Bank, food prices in Canada will rise by 2% to 2.5% in 2021. According to the Canadian Food Price report 2021 released in early December, total food prices will rise by 3% to 5% in 2021, with the largest price increase: 4.5% to 6.5% for both meat and vegetables, followed by 3.5% to 5.5% for bread and 2% to 4% for fruit.
According to the Food Price report 2021, the reasons for price increases include the closure of borders, factories and distribution centres, labour shortages, logistics disruptions, changes in consumer demand, and increased epidemic prevention measures in production, manufacturing, distribution and retail. As a result, the average expenditure on groceries for a family of four next year is expected to increase by 695 yuan over this year.
Jensen said that agricultural prices have not fallen, and demand for agricultural products will continue to push up prices. “in terms of major commodity categories, the price of food has always been in the lead.”
“people still have to eat.” For those with lower wages, food will account for a higher percentage of their total spending, he said.