cost of living

Thursday September 29, 2022

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Thursday September 29, 2022

Butter Prices Continue to Soar Due to Ongoing Supply Shortage

December 8, 2016

Butter is our lifeblood, our saving grace. When all else fails, butter is there for us to spread on toast, toss into mashed potatoes, shower on our movie popcorn, or use to whip up a cake. But this essential ingredient is starting to cost a pretty penny, and right before its biggest time to shine, the holiday baking season.

Butter is currently the most expensive it’s been since 2017, with the price of the savory spread up 24.6% over the 12 months ending in August, according to the Wall Street Journal. Furthermore, the US currently has the lowest amount of butter in storage facilities within that same five-year period, so there’s not a solid reserve to rely on.

February 2, 2018

There are several reasons for the price increase, including rising inflation costs. To make matters worse, due to the ongoing effects of the pandemic, labor shortages continue to slow things down at processing facilities across the country while the demand for butter continues to outpace supply in the Midwest, for example, according to the latest USDA dairy market report. 

The report also reveals that butter makers on the West Coast are running reduced production schedules. In the Northeast, retail butter demand is just picking up, yet tight inventories are causing some producers to regulate their supply across existing orders.

In short, you might want to reconsider before making that butter board.  (Thrillist) 

 

Tuesday May 17, 2022

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Tuesday May 17, 2022

Ontario NDP plan to run deficits for 6 years and cancel gas tax cut

May 10, 2022

Ontario’s New Democrats are pledging to run larger deficits than the Progressive Conservatives and Liberals if elected and would likely not balance the budget for six years, but the party is eyeing some cost savings from cancelling a gas tax cut.

That pledge is expected to save $600 million in the first year by reversing the Progressive Conservative government’s move to reduce the provincial portion of the gas tax by 5.7 cents a litre for six months starting July 1.

Catherine Fife, who has served as the NDP’s finance critic, presented the costing Sunday and acknowledged the high cost of living, including rising gas prices that have topped $2 a litre, but said the temporary cut from the Tories is just a “gimmick.”

“We are looking for a long-term, sustainable strategy to alleviate gas prices, but also to stabilize,” she said, pointing to the party’s promise to regulate gas prices.

Wednesday May 10, 2022

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Wednesday May 10, 2022

As cost of living soars, affordability becomes top Ontario election issue

August 14, 2014

In every Ontario election poll that’s publicly available, the number one concern of voters is the rising cost of living. 

Affordability has rocketed past the perennial top issues of health — even after two years of a global pandemic — and jobs, with the unemployment rate at record lows. 

While the Ontario party leaders are often talking on the campaign trail about making life more affordable, it’s a wonder that they’re not hammering the issue even harder, given how strongly it’s resonating with voters.

“The smart politicians won’t just talk about [the cost of living] as an issue, they will understand it’s a character test,” said Greg Lyle, a veteran pollster and president of Innovative Research Group.

Tuesday June 22, 2021

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Tuesday June 22, 2021

After a year of pandemic prudence, Canadians likely eager to spend the billions saved

If there is one silver lining to the COVID-19 pandemic for Grayham Havens, it was celebrating his two-year anniversary with his wife by purchasing a house last month.

January 18, 2018

All the government restrictions during the pandemic helped him drastically reduce his spending over the last year and begin socking away cash every month. After clearing leftover debt, the couple saved enough for a down payment.

Now, at the age of 40, Havens is a first-time home owner.

“We’re so fortunate, very fortunate, to get something like this,” he said about their grey bungalow in southeast Calgary, complete with a large deck, fire pit and pond in the backyard.

Havens isn’t alone. Canadians have saved a record amount of money during the pandemic, resulting from the combined impact of reduced spending and collecting more money from government support programs.

Havens and his wife were both able to collect Alberta’s critical worker benefit, as he was working in the grocery sector and she was involved in health care.

At the same time, their discretionary expenses — spending at places like restaurants and movie theatres — dropped sharply.

“We started saving thousands every month,” he said. “It started making me realize just how bad we were budgeting our own money in the first place. I mean, money was leaking left and right.”

Not everyone has extra money in the bank — but many do.

In fact, Canadians amassed $212 billion last year, versus $18 billion in 2019, according to Statistics Canada. That works out to $5,574 per Canadian on average in 2020, compared to $479 in the previous year.

The average savings rate jumped from 1.3 per cent of disposable income in 2019, to 14.9 per cent in 2020. In April, May and June of 2020, the savings rate peaked at about 27 per cent.

As a result, credit card balances are down, fewer people are behind on payments and credit scores are up, according to credit rating agency Equifax Canada.

The situation varies greatly from household to household, as there continues to be a deep division between the financial situation of many Canadians. In short, if you were able to keep your job and stay healthy, you were likely to see your finances improve during the pandemic.

“It was easy to save. It was not very forced. I can’t go get my nails done, get my hair done, going to the pubs a lot less,” said Karen Jacobs, who also purchased her first house, with her husband, in February.

They are now renovating the home from top to bottom after saving nearly $1,000 a month during the pandemic, including through lower phone and insurance bills.

The record level of savings is not the only reason behind Canada’s rising home prices, but it could provide a significant level of economic stimulus across the country. (CBC) 

 

Thursday December 13, 2018

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Thursday December 13, 2018

Food price report predicts average family to pay $400 more for groceries next year

The average Canadian family will pay about $400 more for groceries and roughly $150 more for dining out next year, an annual food price report predicts.

December 8, 2016

Food prices will rise between 1.5 to 3.5 per cent in 2019, according to the report from researchers at the University of Guelph and Dalhousie University. That means the average family of four will spend $12,157 next year — up $411 from 2018.

Vegetables will see the biggest price jumps — between four and six per cent for the category, according to the report.

Meanwhile, meat and seafood prices are expected to fall, with the meat category to decline by one to three per cent and seafood costs to remain the same or fall up to two per cent.

Since 2015, the team has predicted prices in those two categories would rise as high as six per cent each year.

“This is a bit of a risk for us … We’ve never done that,” said Sylvain Charlebois, one of the lead researchers and a professor at Dalhousie University, referring to anticipating a decline.

But the team is confident in its prediction.

April 25, 2014

They believe there’s an oversupply of meat, he said, and Canadians are eating less animal protein. Instead, they’re showing more interest in alternative proteins, like quinoa and lentils.

The plant-based protein trend is evident in recent manufacturer and restaurant moves as well.

Meat processors Maple Leaf Foods Inc., for example, acquired two companies in this niche in recent years, Lightlife Foods and Field Roast GrainMeat Co. 

At the same time, fast food chains have started adding vegan and vegetarian options to their menus. A&W Food Services of Canada Inc. even temporarily sold out of its Beyond Meat patties shortly after adding them to its menu.

Industry watchers have attributed the demand for plant-based protein to millennials, health-conscious baby boomers and concerns around antibiotic use in agriculture.

December 23, 2004

A turning point for animal protein, though, was 2014 when beef prices started to rise dramatically, said Charlebois.

Between December 2013 and December 2014 the monthly average retail price for one kilogram of ground beef rose more than 26 per cent, according to Statistics Canada data. For comparison, the price advanced about 3.5 per cent from December 2012-13. It reached a record high of $13.23 in October 2015.

“It really spooked consumers,” said Charlebois, adding they started substituting plant-based protein into their diet.

Butchers and grocers will likely take it easy on beef prices next year in an effort to bring people back to the red meat, he said. (Source: Hamilton Spectator)