Inflation in Montreal: Rising Grocery Prices, Food Insecurity and Corporate Profiteering

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Inflation in Montreal: Rising Grocery Prices, Food Insecurity and Corporate Profiteering

Inflation has reached almost 10%, price increases among many goods – notably gas and food. Both of these commodities are to blame for Canada's cost of living increasing at the fastest rate in decades and Montrealers are facing the effects.

Local 514 speaks with Rudy Irwin, who works at a local grocery store, Segal's Market. Irwin explains how he's seen prices of groceries fluctuate during the pandemic and how he's changed his shopping habits. The show also invites Scott Satov, CEO for Loans Canada, to explain how the supply chain is being effected and how inflation will eventually lower the price of goods. Sylvain Charlebois, senior director of the AgriFood Analytics Lab at Dalhousie University, joins to discuss the fluctuation of food prices.

More Montrealers are turning towards food banks, but little surplus in stores leave food banks with less products to offer to those in need. Maggie Borowiec, Director of Philanthropic Development at Food Bank Moisson Montreal, explains the decrease in food and increase in food bank users during the pandemic.

Quebecers will notice another increase on food, as of September 1, with milk facing a 2.5% price hike for the second time this year. This follows an 8% increase last February.

Inflation and the issues with supply chain are major drivers for price increases for many commodities, but corporations are also taking advantage of inflation. Farmers describe fertilizer corporations as “fertilizer cartels" for increasing feed by 220% within a year.

But corporations’ monopoly over fertilizer and feed prices have also affected farmers.
Last January, The National Farmers Union said that members reported fertilizer prices increased from 144 and 220% in a year.

24 agricultural organizations have urged the The U.S. Department of Agriculture to make policy changes to free them from what they describe as fertilizer "cartels". These organizations say fertilizer corporations have been tying fertilizer prices to commodity prices instead of to natural market pressures. These corporations say global crises, mounting costs, and supply chain issues are the reasons for price increases, but financial statements and sky-rocketing profits show different.
 

 

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Video Upload Date: September 7, 2022
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