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Inflation in Canada continues to moderate as food inflation declines to 2.4% in February
Inflation in Canada continues to moderate as food inflation declines to 2.4% in February ...
About this update from Loblaw Companies Limited
[{"type":"text","content":"\n \n \n \n Inflation in Canada continues to moderate as food inflation declines to 2.4% in February\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n Loblaw Chief Financial Officer provides commentary on food inflation\n \n \n \n \n \n BRAMPTON, ON\n \n \n ,\n \n \n March 21, 2024\n \n \n /CNW/ - As Canada's recent inflation numbers continue to show positive momentum, Loblaw Companies Limited's (TSX: L) (\"Loblaw\") Chief Financial Officer,\n \n Richard Dufresne\n \n , provides commentary on the trends shaping food prices in\n \n Canada\n \n :\n \n \n \"According to the most recent data, inflation in\n \n Canada\n \n declined once again to 2.8% in February. Notably, food inflation (from food bought at stores) is now sitting at 2.4%, the lowest it has been since\n \n July 2021\n \n , and the first time it's been lower than overall inflation since\n \n October 2021\n \n . For Canadians who continue to face extraordinarily higher costs of living, this is good news, and signs point to continued moderation in future months.\n \n \n \n \n Chart 1.\n \n \n Price growth for food purchased from stores slows below headline Consumer Price Index (CPI)\n \n \n \n \n \n \n \n \n \n \n \n After four decades where the average grocery inflation rate was about 3%, in the past two years grocery inflation has averaged nearly 9% - levels unheard of in a generation. In recent years, a confluence of global forces has been at play leading to increased prices globally and in some cases, limited products.  These include geopolitical instability in\n \n Europe\n \n , supply chain backups from COVID, extreme weather events (particularly in key growing regions), labour challenges, higher energy costs and, specific to Canadian prices, a weak Canadian dollar compared to\n \n the United States\n \n .\n \n \n We are starting to see supply chains recover, a stabilization – and in some cases reduction - in commodity prices and shipping costs beginning to return to pre-pandemic rates, key factors in overall food p...