Inflation increases felt in Atlantic Canada

Grocery shopping is a lifetime necessity, but it now has become a scavenger hunt of sorts.

“I shop around, all over Moncton trying to find what I can find for the best prices, but it’s not easy. Everything’s up. No matter where you go, everything is up,” said Moncton resident, Joe Arsenault.

“You look for items that you can afford. You know, like bread, for example, at the dollar store was $2.50 compared to $3 or $4 at the other places. There’s got to be changes made.”

For many, the errand has become about making decisions based more on price than preference.

“We cut way way back on meat. It’s too high. Now I feel sorry because I don’t think the growers of the meat are the problem,” said Pat O’Brien from Miramichi, N.B.

He adds “to curb inflation, it’s a really simple thing. If something is too expensive, don’t buy it and if everybody stops buying it, what’s going to happen? It’s going to go down.”

However, even as consumers do their part to find a bargain, July’s inflation increase is being seen around every corner.

“I would say it’s mostly right across the board. I mean, of course meat rises… everything is going up for the most part,” said Rinzler’s Market manger, Jason Rinzler.

“We want what’s best for the customer. We want to provide the lowest possible prices that we can. So no one likes to hear inflation.”

From the grocery store to restaurants, local businesses are also facing tough decisions when it comes to managing the hike.

“We have tried our hardest on increasing our prices for a long time,” said The Old Triangle General manager, Todd VanIderstine.

“Eventually you have to play the game. So we did raise them… minorly… usually anywhere from $1-2 an item. In terms of our costs, a lot of the foods that we get in has gone anywhere from a third to double to over 100 per cent increases.”

While unavoidable, the rising prices seems to have a direct impact on how many customers come out.

“In terms of food supply alone, it’s significant. Prices have gone up and sadly to get someone to put prices back down, it takes a lot. So it’s much slower to decrease than it is to increase, so even if inflation does fall back into place, we’re still stuck with higher prices,” said VanIderstine.

Adding, “A lot of customers come out less, they just can’t afford it anymore.”

It’s an impact that is being seen at more than just The Old Triangle.

“Last summer, coming out of COVID, it was gung-ho let’s get back to normal, this year I think with the interest rate and inflation environment, people are being a little careful,” said Greater Moncton Chamber of Commerce chief executive officer, John Wishart.

At this point there is also no guarantee on when inflation will decrease or stabilize, which is causing some concern.

“I think this time of year, a lot of seasonal employers are doing okay. I worry a little about winter, when for a lot of sectors it’s more lean times, like January, February, March time period, so that’s why it’s important that we get inflation and interest rates under control sooner then later,” said Wishart.

Adding, “We feel it’s important that the federal government extend the CEBA loan repayment deadline, which is the end of this year. That’s something that over 12,000 New Brunswick companies and 40,000 Atlantic Canada took advantage of during COVID.”

Current predictions state that the Bank of Canada expects inflation to stay around three per cent for the next year, before reaching two per cent by mid-2025.

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