Many Canadians are wondering why food prices are not dropping at the same rate as agricultural commodity prices. Last year, Russia’s invasion of Ukraine pushed prices to astronomical levels. One year later, the agricultural commodity landscape looks incredibly different.
Prices for agricultural commodities have dropped significantly in the last 12 months. Wheat prices have fallen by a whopping 47 percent since last year, corn is down 22 percent, soy is close to corn, down 23 percent, and oats are down 31 percent. Other commodities are also down: coffee by 21 percent, canola by 42 percent, sunflower oil by 60 percent, and pork by 31 percent. Chicken, a popular animal protein globally, is down 16 percent, while eggs are down 56 percent. As for dairy, cheese is down by 30 percent from last year and milk by 36 percent. And the list goes on and on….