Bakery product prices rise by 15.5% year over year from December to January
March 1, 2023
By Bakers Journal
Ottawa – According to the latest Consumer Price Index report, food prices rose at a slightly faster pace year over year in January than in December, with bakery products increasing in price year-over-year by 15.5 per cent.
The Consumer Price Index rose 5.9 per cent year over year in January, following a 6.3 per cent increase in December. Prices for cellular services and passenger vehicles contributed to the deceleration in the all-items Index. However, mortgage interest cost and prices for food continue to rise.
Grocery price acceleration in January was driven in part by year-over-year growth in meat prices (+7.3 per cent), resulting from the largest month-over-month increase since June 2004. Fresh or frozen chicken prices were a notable contributor to the gain, rising 9.0% in January compared with December, the largest monthly increase since September 1986. Among other factors, chicken prices rose amid stronger seasonal demand as well as ongoing supply constraints, elevated input costs and issues related to avian influenza. Additional acceleration was seen in year-over-year price increases for bakery products (+15.5 per cent), dairy products (+12.4 per cent) and fresh vegetables (+14.7 per cent).
Food purchased from restaurants also rose at a faster pace, rising 8.2 per cent in January following a 7.7 per cent increase in December. The gain was the result of higher prices for fast food and takeout.
Read the latest Consumer Price Index report here.
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