Even though Canadian grocery prices are rising at the fastest pace in more than 40 years, bananas are still cheap.
According to statistics canadaAverage retail prices of bananas in July 2022 remained relatively stable as compared to the previous few months. At $1.68 per kilogram, bananas are one of the few fruits that are still available in many homes.
Demand in the global market has helped in stabilizing the prices of bananas.
“Bananas are serviced by a highly vertically integrated supply chain, so you have farmers backed by multinationals,” Sylvain Charlebois, director of the Agri-Food Analytics Lab at Dalhousie University, said in an interview with CTVNews.ca.
Being grown in equatorial countries such as Ecuador, Costa Rica and Asia, the banana has no set growing season and flourishes throughout the year.
according to Food and Agriculture Organization According to the United Nations, worldwide banana statistics have increased dramatically since 2000.
Data from the organization shows that banana production increased from 67 million tonnes to 114 million tonnes from 2000 to 2017 at a compound annual rate of 3.2 percent.
The excess supply allows bananas to remain at a constant price even as other products suffer in volatile markets.
The fruit is also a “loss-leader,” meaning it will cost less to keep consumers coming back.
“It hasn’t been affected by this anti-plastic movement, because a rind is a lot of compost,” Charlebois said. The price of plastic-coated products like berries will continue to rise federal government He predicted to crack down on single use plastic.
With the price of the loonie declining and winter fast approaching, items such as dairy, seasonal fruits and vegetables and bakery products are on the rise.
“We’re expecting more dairy products to become more expensive as we roll that into the fall,” Charlebois said. “Production, especially vegetables, they are already up compared to last year.”
The Canadian dollar fell to its lowest level in two years against the US dollar. As this continues, the price of imported goods will be higher for consumers.
consumer price Index There was an increase of 10.8 percent in August 2022, the fastest pace since 1981. Year-on-year, fresh fruit rose 13.2 percent but bananas remained low.
Statistics Canada shows year-over-year in August, the price of bananas increased by 3 percent, other fruits such as apples and oranges by 11.8 percent and each by 18.5 percent.
Other items worth adding to the grocery list include tofu, which is produced locally for the Canadian market. Charlebois said the high-protein, plant-based product has only grown slightly over the past 15 to 20 years.
The Made-in-Canada supply chain aids in tofu price stability and is often not affected by climate-related fluctuations.
“A lot of things can happen to livestock, the production cycle is a lot more complicated,” Charlebois said.
The recent rise of bakery items has taken Charlebois and consumers by surprise.
Statistics Canada notes that bakery products increased 13.6 percent year-over-year due to the rise in wheat prices.
Making products from scratch is less expensive than buying them in a store. Expensive ingredients like butter and eggs are one reason for the rise in prices of pastries, breads, and wraps, Charlebois says.
The price of flour rose 23.5 percent year-on-year in August, according to the Consumer Price Index, but the opening price was much lower, meaning it’s still relatively inexpensive.
“The dough is stable,” said Charlebois.
To keep bills down, Canadians have invested in deep freezers to save on food.
New information: In the last 12 months…
11.9% of Canadians renovated their kitchens.
23.6% bought an air fryer for the first time.
7.7% bought a deep freezer for the first time.
— Food Professor (@FoodProfessor) September 19, 2022
“I would ask to look down the freezer aisle more often,” Charlebois said. “Since you can actually control the flow of the supply chain, you can basically get all the nutrition you need at harvest time, but you can actually sell your product at any time.”