It's the fastest increase since 1981!
If you've been feeling like the cost of groceries has been burning a hole through your wallet lately, you're not far off.
So much so that in August, Canada saw the cost of groceries rise at the fastest pace since 1981.
On average, the prices for food purchased from stores increased by 10.8% in August, the report stated.
The item on your grocery bill that has seen the biggest increase according to Statistics Canada are oils and edible fats. These have seen an increase of 27.7% since this time last year.
For example's sake, this means that a bottle of olive oil that was $10 in August of 2021 is now roughly $12.70.
And the increases don't end there.
If you love spicing up your food, you might be disappointed to hear that spices, vinegars and condiments have also been dealt a blow of a 17.2% rise in costs.
A staple of many diets has also been impacted, with bakery products going up by 15.4% over the last 12 months.
The cost of cereal products and preserved vegetables went up by 14.5%.
Nonalcoholic beverages are now 14.1% more expensive and the morning essentials of coffee and tea have gone up by 13.5%.
Fresh fruits saw a rise of 13.2%, sugar and confectionary saw 11.3% and eggs went up 10.9%.
Some items that saw a single-digit increase are meat (6.5%), dairy products (7%), fish and seafood (8.7%), fresh vegetables (9.3%) and preserved fruit and fruit preparations (9.8%).
It's not all bad news, though! While the cost of food has been on the upward trend in August, other items saw decelerations in their price increases as Canada's inflation rate slowed to 7% in August, from 7.6% in July.
Things like fuel, accommodations, and appliances still are going up in price, but slower than before.
And with a slowing inflation rate, there's a chance that the Bank of Canada's recent interest rate increases are beginning to have the intended effect.
This article's cover image was used for illustrative purposes only.