Food & Beverage Report
Food & Beverage mid-year update - your source for the latest sector and sales trends.
Inflationary pressures hit the Canadian economy in 2022, and the food sector was not immune to the effects. Factors behind food inflation abound. A 2021 drought had reduced overall crop production in North America, while the war in Ukraine impacted grain movement, causing commodity prices to rise. Consumers started the year by spending their built-up savings from the previous two years.
The labour market tightened as businesses looked to boost production to meet growing consumer demand, causing unemployment to reach record lows and increasing wages. The Bank of Canada, in response to inflation, repeatedly raised its benchmark interest rate, applying further pressure on business borrowing costs.
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