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Currency devaluation may lead to the rise of Canadian food prices

Pubtime:2015-02-09Author:Source: Hits:

According to foreign news media, because of the fall of the Canadian dollar exchange rate, causing the price of agricultural products rose in a straight line, and many supermarkets in Canada no longer provide promotion and discount for fruits and vegetables.

According to reports, in January 27th, the retail stocks analyst of world market in Emperor Silver----Perry Caicco said, the biggest problem the current domestic supermarkets faced is that the Canadian dollar depreciation.

The Canadian dollar exchange rate against the US dollar fell 0.5 points on Wednesday, 1 Canadian dollar for 80 cents of the US dollar; experts warned that, because the current oil prices affect the outlook for the domestic economy situation, the Canadian dollar will fall to 75 cents early next year.

Recently because of the fall of Canadian dollar, food prices in many supermarket soared. Metro, the third largest domestic chain supermarket, revealed this week, that from mid September to mid October last year, the commodity inflation has risen 3%, the biggest rise in recent quarters.

Professor of University of Guelph, the food industry expert Sylvain Charlebois said, this year the agricultural products price rise is likely to exceed 5%. He said, in 2015 the domestic supermarket is expected to import about 40 billion US dollars of food, of which the largest imports are nuts, Coffee, fish, meat products and wine. Because of the fall of Canadian dollar, fruitsvegetablesnuts and other prices are likely to rise sharply.