Experts warn that as the cost of fuel continues to rise, consumers should brace themselves for a sharp spike in food prices by the end of the summer.
"We're going to see some very significant increases on top of the very significant increases over the past 24 months," Carleton University business professor Ian Lee told CTV Ottawa.
"I think for the next two or three years, they're not going to be happy times."
Cost of food staples up 70 per cent
Restaurant owner Dennis Luc says the cost of staples like rice and vegetable oil have already jumped by about 70 per cent in recent months. The cost of flour and meat are also putting a dent in his pocketbook.
"The bottom line is we have to increase the price of our menu to be surviving," said Luc.
Changing the way you buy food
Some consumers are already changing the way they buy food to cope with the increasing financial pressures at the grocery store.
Those cost-saving measures include:
- cutting back on treats
- buying food that you can serve leftovers from
- clipping coupons
Rising costs will have ripple effect
Many experts believe major flooding in China and the U.S. Midwest will also add to price hikes at the grocery store, having a ripple effect on industries that would otherwise benefit from disposable income.
"Industries will feel the impact so they will start laying off people, as we saw with Air Canada yesterday," Lee said.
How are you dealing with price hikes at the grocery store? Have your say by leaving a comment below.
With a report from CTV Ottawa's Chris Day
