
Please try another search
(Bloomberg) -- Inflation’s next victim might be your Sunday dinner.
North American beef prices are soaring as a labor crunch squeezes meatpackers and supply-chain snarls add to freight costs. In Canada, prices for a prime rib roast have risen 20% in the past year and are the highest since at least 1995, Statistics Canada data show. Sirloin and round steaks have surged as much as 10% in the last year and in the U.S. beef steaks are fetching record prices.
“It’s crazy, people can’t afford that,” said Ivan Korzenowski, a shopper who found a rib roast at a grocer in Regina, Saskatchewan, selling for for C$124 ($99) in late October. “Why is everything getting outrageously priced?”
Empire Co. Ltd., which owns grocery chains Sobeys Inc. and Safeway Canada, is doing “everything we can to work with our supplier partners to keep our prices as low as we can for our customers,” spokeswoman Karen White-Boswell said in an email.
The sticker shock may be here to stay. With prices for everything from cooking oil to dairy rising it’s very difficult to decipher which costs are unreasonable as further hikes are likely to come, said Sylvain Charlebois, director of the Agri-Food Analytics Lab at Dalhousie University in Halifax, Nova Scotia.
“There’s going to be a lot of things that are going to rise and we’re honestly in the second inning of a nine-inning game of inflation,” Charlebois said by phone. “This is only the beginning.”
©2021 Bloomberg L.P.
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
I feel that this comment is:
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.