So far, Canada has been largely unaffected by worldwide record-high food prices, but a recent analysis by BMO’s deputy chief economist, Douglas Porter, paints a different picture for our country’s future. “Food prices will be a clear source of upward pressure later this year on the CPI [consumer price index],” Porter said, as reported by the Globe. “In November, the food component of the CPI was up just 1.4 per cent year over year. However, the Bank of Canada’s commodity price index has seen prices jump 30 per cent year over year [although end-December levels were seven per cent below the July/08 weekly peak].”
For the complete Globe report, click here.
