With Tuesday’s release of new data from Statistics Canada, the conclusion is unequivocal: for the second consecutive month, Canada is posting the highest food inflation rate among G7 countries. Food inflation now stands at 7.3%.

Beef, nuts, pork, and even chicken are between 5% and 7% more expensive than a year ago. The only relief comes from eggs and fresh fruit, which are cheaper on a year-over-year basis.

CHARLEBOIS: The high cost of doing food business in Canada Back to video

Meanwhile, the United States — despite pursuing an aggressive tariff policy affecting numerous imported goods — is reporting food inflation of 2.9%, less than half of Canada’s rate.

Admittedly, one year ago Canada was benefiting from a temporary GST holiday, which artificially suppressed the index. However, even after adjusting for that statistical distortion, our estimates suggest Canada’s food inflation would still have been approximately 6.3%, keeping it at the top of the G7.

Yet........

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