Canada’s consumers are well-positioned to avoid some of the harsher consequences of rising commodity costs, a new study has suggested.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Shoppers in the country have not witnessed the sharp increase in food costs seen elsewhere in the world, according to a study published in the Canadian Economic Observer.
In the 12 months to April, Canadian food prices roes just 1.2%, compared to an increase of 7.1% in the EU and a 5.9% rise in the US, the report said.
Although the price of bread and cereal products has increased in Canada, consumers have been buffered by stable or falling prices in other categories.
Other foods have not increased in price because the rising Canadian dollar has lowered the price of imports, while commodities play a relatively small role in the average Canadian shopping basket, the study said.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataThe study also claimed that Canada’s agriculture sector looks set to profit from the current surge.
For fiscal 2007, Canada’s trade surplus in fish and agricultural products totalled C$9bn (US$8.8bn). In the first quarter of 2008, the surplus was on-track to total C$11.2bn annually, the study found.
