Business

Fierce hot inflation could turn Canada Day BBQs into ‘hotdogs instead of steaks’ – National

The Canada Day Long weekend is the perfect time to enjoy grilled burgers, cold drinks and time with family and friends.

However, a backyard outdoor barbecue comes with a bigger price tag this year.

Food prices rose 9.7% in May from a year ago inflationary reached its highest level in nearly 40 years.

Prices for many barbecue favorites such as steak and vegetables have increased even further, which will make entertaining with family and friends this weekend more expensive.

Read more:

Inflation sparks protests worldwide as food and fuel prices soar

According to prices collected by Statistics Canada, the cost of hosting a Canada Day barbecue with eight adults and eight children today would cost $302.04 – 17% more than in 2021, when the bill hits 257 .27 dollars.

The story continues below the ad

Higher prices could spur a change in shopping and consumption habits as people want to save money at the grocery store.

“Price is rising much faster than we have been accustomed to over the past four decades,” said Sal Guatieri, senior economist at BMO Financial Group.

“People can start switching to cheaper items, especially when it comes to food. For example, they can substitute chicken for steak to save money.”

Traveling for a long weekend will cost more. The cost of filling up a tank of gas and staying a night in a hotel room has risen to about $317 from about $220 a year ago – nearly 44% higher.

However, the higher-than-expected costs won’t stop Canadians from gathering and celebrating this Canada Day.

“The demand for socializing, going out and barbecues this summer will outweigh the higher costs,” says Guatieri.

“But once households have exhausted some of their savings and pent-up need has subsided, we could start to see a larger shift in behaviour.”

University of Toronto economics professor Angelo Melino said that despite soaring costs, Canadians are still better off this year than they were last year.

The story continues below the ad


Click to play video: 'Summer vacation costs skyrocket'







Summer vacation costs skyrocket


Summer vacation costs skyrocket

“More Canadians are working and they are working longer hours,” he said. “The GDP of the country, the amount of goods and services that we are producing, has increased and consumption has increased quite strongly.”

While some of the higher costs may encourage Canadians to buy cheaper grocery alternatives, prices for some backyard barbecue staples have remained steady.

“Alcohol and recreational marijuana are not as much as others so maybe beer is the first cheap drink of July… but maybe (people will buy) hotdogs instead of steak.”

Below are the costs for typical Canadian Day barbecue menu items.

(The food group percentage is the average price increase in May compared with a year ago, based on Statistics Canada inflation data. Additional details on the price of a particular item are: estimated averages between April 2021 and April 2022, the most recent months for which price analysis is available and statistically not comparable.Cost is the estimated cost of purchasing groceries for the meal. barbecue with 16 people.)

The story continues below the ad

Beef: 11.2%

The cost for a kilo of sirloin steak is $22.87 in April 2021. For a barbecue with 8 adults, each consuming about half a kilo of steak, the cost will be $91.48. la. One year later, the cost was $28.80 per kilogram for a total bill of $115.20.

Chicken: 7.9%

In April 2021, chicken breasts cost $12.58 a kilo. Two kilos to share at the barbecue will cost $25.16. Today, at $15.32 a kilogram, the cost would be $30.64.

Hotdogs, sausages: 9.9%

In April 2021, about 400 grams of desiccant costs $3.76, or about $7.52 for 800 grams (about two packs). In April 2022, the cost increased to $4.09 for 400 grams or $8.18 for 800 grams.

Breads, rolls and dumplings: 11.1%

White bread increased to $3.37 for 675 grams in April 2022 from $3.03 in April 2021.

Read more:

War in Ukraine will affect food supplies, prices

Vegetables: 10.2%, fresh fruits: 11.3%

A kilo of tomatoes increased to $4.21 from $3.70, a kilo of potatoes went down to $4.18 from $4.22, a kilo of onions increased to $5.28 from $4, $14 and romaine lettuce rose to $3.58 from $2.63. The price of a cantaloupe rose to $3.28 in April from $2.82 a year earlier. The price of an avocado rose to $2.35 in April from $1.76 a year earlier.

The story continues below the ad

Ice cream: 4.1%

A liter of ice cream that cost about $4.50 in 2021, or $9 for two liters, will now cost around $4.70 or $9.40 for two liters.

Edible oils and fats: 30%, Condiments, seasonings and vinegars: 20.6%

One liter of ketchup increased to $4.07 from $3.32, mayonnaise to $5.93 from $4.55 and vegetable oil to $10.83 for three liters, up from 6 $.48 a year earlier.

Beer: 4.8%

A 24-ounce can of beer that cost $47.50 a year ago would cost about $49.50 today.

Alcohol: 4.7%

A $20 bottle of wine a year ago would cost less than $21 today, or $40 for two compared to $42 today.

The total cost of hosting a Canada Day barbecue in 2021 will be around $257.31. Today, the same barbecue will cost $302.00 – 17% more.

For those traveling this weekend during Canada Day, inflation will hit even harder.

Tourist accommodation: 40.2%

Hotel room rates have increased from about $141 a year ago to about $200 in May.

The story continues below the ad

Gasoline: 48%

The price of gasoline in Canada in May 2021 is $1.32 a liter. In May 2022, prices across Canada averaged $1.95 a liter. The cost to fill a 60-litre tank of gas has increased from $79.20 each in 2021 to $117 each in 2021.

For a family traveling this Canada Day and filling up a tank of gas and staying a night in a hotel room, the cost has increased from about $220.20 to $317 – nearly 44% more.


Click to play video: 'Exclusive Ipsos poll reveals who is being hit the most by rising inflation'







Exclusive Ipsos poll reveals who is being hit the most by rising inflation


Exclusive Ipsos poll reveals who is being hit the most by rising inflation – June 22, 2022

© 2022 Canadian Press

Source link

news5s

News5s: Update the world's latest breaking news online of the day, breaking news, politics, society today, international mainstream news .Updated news 24/7: Entertainment, Sports...at the World everyday world. Hot news, images, video clips that are updated quickly and reliably

Related Articles

Back to top button