By Adam Berls

inflation

Food costs keep rising despite price freeze

Oct 19, 2022 | 3:53 PM

PRINCE GEORGE — Grocery giant Loblaws announced that it would be implementing a price freeze for its No Name products due to rising costs of food across the country.

Professor of environmental and sustainability studies at UNBC, Dr. Annie Booth says that the price freeze implemented by Loblaws was at the peak of rising food costs.

Dr. Booth says that if a grocery chain wanted to implement a price freeze, it should have been done some months ago, and when the supply chain was weaker.

On Wednesday, Canada’s inflation dropped very slightly from 7% to 6.9%. Dr. Booth says that this tiny drop in inflation will not lead to a decrease in food prices. The costs of buying food has risen over 10% across Canada.

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While Loblaws was the first major Canadian grocery chain to implement a price freeze, Dr. Booth says other chains may decide to enact one of their own, but it would only affect a limited amount of products in the store.

Companies are also poised to make more profit as the prices rise and Dr. Booth mentions that with this situation, companies will experience sky high profits.

Loblaws’ price freeze will be in effect until January 31, but consumers will still feel the pinch during their next trip to the grocery store.