Are you prepared for rising food prices?
If you think it's hot and dry here, have a look across the border.
As the U.S. struggles with the worst drought it’s seen in nearly 50 years, food prices are bound to rise. Meat and milk will become more expensive as feed prices continue to jump.
USDA figures released last week suggest that the largest percentage increase in the next year will be for beef. Dairy products, eggs, and pork are all expected to rise as well unless crops get some much-needed relief.
And while Canada's supply management system works differently than U.S. agribusiness, we're certainly not immune. Eastern farmers have been watching crops shrivel for weeks now, with little relief in sight.
During the last major drought four years ago, a sharp jump in food prices caused riots in some countries and raised questions about the use of crops to make biofuels. That's not likely to happen here, of course, but the ripple effect is very real, even though it may take a few months to kick in.
According to earnings reports from grocery retailers, consumers are fairly adept at changing consumption patterns. Are you one of them?
What will you do if food prices rise? Eat a little bit less? Cut back on meat? Buy more fish?
By Gordon Powers, MSN Money
Posted by: Western Guy | Aug 2, 2021 5:48:17 PM
Usually most people try to have some knowledge about something before writing an article on it....
Yes grain prices have risen sharply due to the U.S drought. However a sharp rise in grain prices is the price of wheat rising $0.03 a pound (its up to almost $0.16). Thats hardly going to slow down your average north american consumer much. Yes cattle prices will rise more due to conversion rates however the overall effect will be negligible for most consumers.
Also the eastern crops have virtually no bearing on things as the world price of wheat is tied to the world price of corn (as they are substitutes). Therefore as the corn price has risen in the U.S it has driven Canadian wheat higher.
Lastly the "ripple effect" you talk of is conservatively estimated at 9+ months so even if a consumer notices their loaf of bread get $0.03 more expensive it won't be until next April.
Posted by: Mrs Gulshan Visram | Aug 3, 2021 11:31:46 AM
Beef prices increase coming year is you saying ye, so,everybody knows isn't it .tell me about it if i say how people or person buy things spend money oron a prices or advert I don't know anyway
Thanks for lisening
Posted by: Dag Marthimual | Aug 3, 2021 12:14:32 PM
Hmmmm. Food prices (and almost) everything else) have been going up ever since I can remeber, so I couldn't care less. Cutting back on food? Cutting back on meat? ABSOLUTELY NEVER! Grain makes me ill anyways. All I can eat is meat, meat , meat.
Posted by: Keith | Aug 3, 2021 2:22:37 PM
It takes 7 lbs of grain to produce 1 lb of meat. Just throwing that out there.
Posted by: Marie Furgusson | Aug 3, 2021 2:32:30 PM
The average person may not feel the pinch as much as the low income people. There lies the real problem. Food banks will be used by more people and receive less because people will not be able to donate as much. Food prices have been goiing up annually but if it goes up much more, some people will suffer. Bread and cerials will go up far more than .03 cents is not likely. It will be .20 cents or more. My choise of cerial has gone up 1.00 in the last 6 mos.
I am a vegetarian so meat prices don't concern me but it will concern many people. I have been stock piling canned goods now because these already high priced items will go up quite a bit as well. Good spending habits have always helped me cope with the raising prices. I buy on sale items.
Posted by: Robyn | Aug 3, 2021 9:31:48 PM
Not surprising with the global warming - it's only a matter of time before we eventually feel the pinch here in Canada.