The agency said food prices were up 10.4 per cent year-over-year in January — up slightly from December — while the rest of the Consumer Price Index (CPI) items decelerated to an annual pace of 5.9 per cent.
Food inflation has outpaced the general inflation rate for 13 months in a row. And while StatCan’s CPI tracks a representative basket of goods to show general trends in Canada, Sylvain Charlebois, director of the Agri-Food Analytics Lab at Dalhousie University, says consumers might find their personal inflation rate is even higher if their diets are made up of the fresh foods and grains that are being hit particularly hard.
“I suspect a lot of people are saying, ‘Well, 10.4 per cent is unbelievable. Well, they’re right. Actually, it’s probably more than that,’” he says.
January’s grocery store prices were higher for meat (up 7.3 per cent), bakery products (up 15.5 per cent), dairy (up 12.4 per cent) and fresh vegetables (up 14.7 per cent).
There were some aisles of relief, however: lettuce, specifically, saw a 5.8 per cent price drop last month, as did oranges (down 1.8 per cent), pasta (down 0.5 per cent) and breakfast cereals (down 2.9 per cent). Fish — be it canned, fresh or frozen — also saw some modest price drops.
Why is food inflation still so high?
Statistics Canada pointed to a few global factors driving up food prices. When it comes to chicken, which saw costs rise 9.0 per cent year-over-year in January, the agency pointed to avian flu outbreaks, strong seasonal demand and continued supply chain issues as fuelling the price hikes.
Charlebois says nearly a year after the war in Ukraine began, the conflict is still stymying access to grains and other inputs from the region. Lingering supply chain constraints are making it more expensive to source and ship ingredients, driving up costs for producers, processors and retailers alike, he says.
“All of these things are just creating more sticker shock moments at the grocery store.”
But with production disruptions easing, Royal Bank of Canada Economist Nathan Janzen said food inflation should start to slow. He said the bank’s latest forecast shows it dipping below three per cent by the end of 2023.
“We are expecting growth in those prices to plateau and … and we are starting to see some signs of that,” he told The Canadian Press.
“Year-over-year price growth in grocery prices is still extremely high, but it’s been kind of flattish since last fall. What we’re seeing is probably still, at least in part, the impact of those earlier global supply chain disruptions, transportation disruptions, as well as spikes in agricultural commodity prices earlier last year and those shocks have unwound to an extent.”
Janzen cautioned that Canadians shouldn’t expect to pay less for their groceries in the near future.
“It’s easier for prices to go up than down,” he said. “We’re not expecting prices to decline, just to grow at a slower rate.”
Charlebois agrees that Canadians hoping for a break this month or next might be disappointed. A Feb. 1 hike to farm gate prices on dairy in Canada means these costs will likely continue to rise in future CPI reports, for example.
Canadians are in for a “rough winter,” Charlebois says, though he anticipates food inflation will return to more typical levels in the spring and summer months.
Calls grow for more grocer competition, transparency
A House of Commons committee studying inflation last week summoned the CEOs of Canada’s big three grocers — Empire Co. Ltd., Metro Inc. and Loblaw Co. Ltd. — to answer questions on the causes of food inflation.
Executives from all three companies have testified at past committee meetings focused on the rising cost of food — but not their CEOs.
“Those at the heads of these companies, where the buck stops, should at least have to answer questions around why their profits are so high and why their prices are so high,” NDP Leader Jagmeet Singh said last week. “And why are they profiting off the backs of Canadians?”
In response to online criticism from consumers, Loblaw acknowledged recently that it has become the “face of food inflation,” but also claimed it makes less than $4 of profit on every $100 grocery bill.
If these CEOs do appear, Charlebois says the committee ought to focus its questioning on breaking down sales in their stores more clearly than they do in their financial statements. Currently, it’s difficult to break out whether revenue growth comes from food sales or cosmetics, clothing and pharmacy divisions, he notes.
“The information that we get is very sketchy and unclear,” Charlebois says. “I would actually try to dig as deep as possible into the data with CEOs in the room, or else it’s just a waste of time.”
Regardless of the CEOs’ answers on the causes of food inflation, Charlebois says Canadian consumers would benefit from more competition in the form of discount grocers such as Aldi and Lidl elsewhere in the world.
While Canadian grocers’ profit margins have stayed largely consistent through the current inflationary period, those margins are roughly double what’s reported from their U.S. grocery counterparts, Charlebois notes.
Most job search advice is cookie-cutter. The advice you’re following is almost certainly the same advice other job seekers follow, making you just another candidate following the same script.
In today’s hyper-competitive job market, standing out is critical, a challenge most job seekers struggle with. Instead of relying on generic questions recommended by self-proclaimed career coaches, which often lead to a forgettable interview, ask unique, thought-provoking questions that’ll spark engaging conversations and leave a lasting impression.
Your level of interest in the company and the role.
Contributing to your employer’s success is essential.
You desire a cultural fit.
Here are the top four questions experts recommend candidates ask; hence, they’ve become cliché questions you should avoid asking:
“What are the key responsibilities of this position?”
Most likely, the job description answers this question. Therefore, asking this question indicates you didn’t read the job description. If you require clarification, ask, “How many outbound calls will I be required to make daily?” “What will be my monthly revenue target?”
“What does a typical day look like?”
Although it’s important to understand day-to-day expectations, this question tends to elicit vague responses and rarely leads to a deeper conversation. Don’t focus on what your day will look like; instead, focus on being clear on the results you need to deliver. Nobody I know has ever been fired for not following a “typical day.” However, I know several people who were fired for failing to meet expectations. Before accepting a job offer, ensure you’re capable of meeting the employer’s expectations.
“How would you describe the company culture?”
Asking this question screams, “I read somewhere to ask this question.” There are much better ways to research a company’s culture, such as speaking to current and former employees, reading online reviews and news articles. Furthermore, since your interviewer works for the company, they’re presumably comfortable with the culture. Do you expect your interviewer to give you the brutal truth? “Be careful of Craig; get on his bad side, and he’ll make your life miserable.” “Bob is close to retirement. I give him lots of slack, which the rest of the team needs to pick up.”
Truism: No matter how much due diligence you do, only when you start working for the employer will you experience and, therefore, know their culture firsthand.
“What opportunities are there for professional development?”
When asked this question, I immediately think the candidate cares more about gaining than contributing, a showstopper. Managing your career is your responsibility, not your employer’s.
Cliché questions don’t impress hiring managers, nor will they differentiate you from your competition. To transform your interaction with your interviewer from a Q&A session into a dynamic discussion, ask unique, insightful questions.
Here are my four go-to questions—I have many more—to accomplish this:
“Describe your management style. How will you manage me?”
This question gives your interviewer the opportunity to talk about themselves, which we all love doing. As well, being in sync with my boss is extremely important to me. The management style of who’ll be my boss is a determining factor in whether or not I’ll accept the job.
“What is the one thing I should never do that’ll piss you off and possibly damage our working relationship beyond repair?”
This question also allows me to determine whether I and my to-be boss would be in sync. Sometimes I ask, “What are your pet peeves?”
“When I join the team, what would be the most important contribution you’d want to see from me in the first six months?”
Setting myself up for failure is the last thing I want. As I mentioned, focus on the results you need to produce and timelines. How realistic are the expectations? It’s never about the question; it’s about what you want to know. It’s important to know whether you’ll be able to meet or even exceed your new boss’s expectations.
“If I wanted to sell you on an idea or suggestion, what do you need to know?”
Years ago, a candidate asked me this question. I was impressed he wasn’t looking just to put in time; he was looking for how he could be a contributing employee. Every time I ask this question, it leads to an in-depth discussion.
Other questions I’ve asked:
“What keeps you up at night?”
“If you were to leave this company, who would follow?”
“How do you handle an employee making a mistake?”
“If you were to give a Ted Talk, what topic would you talk about?”
“What are three highly valued skills at [company] that I should master to advance?”
“What are the informal expectations of the role?”
“What is one misconception people have about you [or the company]?”
Your questions reveal a great deal about your motivations, drive to make a meaningful impact on the business, and a chance to morph the questioning into a conversation. Cliché questions don’t lead to meaningful discussions, whereas unique, thought-provoking questions do and, in turn, make you memorable.
Nick Kossovan, a well-seasoned veteran of the corporate landscape, offers “unsweetened” job search advice. You can send Nick your questions to artoffindingwork@gmail.com.
CALGARY – Canadian Natural Resources Ltd. reported a third-quarter profit of $2.27 billion, down from $2.34 billion in the same quarter last year.
The company says the profit amounted to $1.06 per diluted share for the quarter that ended Sept. 30 compared with $1.06 per diluted share a year earlier.
Product sales totalled $10.40 billion, down from $11.76 billion in the same quarter last year.
Daily production for the quarter averaged 1,363,086 barrels of oil equivalent per day, down from 1,393,614 a year ago.
On an adjusted basis, Canadian Natural says it earned 97 cents per diluted share for the quarter, down from an adjusted profit of $1.30 per diluted share in the same quarter last year.
The average analyst estimate had been for a profit of 90 cents per share, according to LSEG Data & Analytics.
This report by The Canadian Press was first published Oct. 31, 2024.
CALGARY – Cenovus Energy Inc. reported its third-quarter profit fell compared with a year as its revenue edged lower.
The company says it earned $820 million or 42 cents per diluted share for the quarter ended Sept. 30, down from $1.86 billion or 97 cents per diluted share a year earlier.
Revenue for the quarter totalled $14.25 billion, down from $14.58 billion in the same quarter last year.
Total upstream production in the quarter amounted to 771,300 barrels of oil equivalent per day, down from 797,000 a year earlier.
Total downstream throughput was 642,900 barrels per day compared with 664,300 in the same quarter last year.
On an adjusted basis, Cenovus says its funds flow amounted to $1.05 per diluted share in its latest quarter, down from adjusted funds flow of $1.81 per diluted share a year earlier.
This report by The Canadian Press was first published Oct. 31, 2024.
