Iran war could increase grocery costs in B.C.; fuel prices remain high

Gas prices remain high in the Lower Mainland and there are concerns about other potential consumer impactsas conflict in the U.S.-Israel war against Iran continues.

The cost of gas was sitting around $2.14 per litre on Monday, with similar prices seen around the region on Sunday and late last week.

As the war continues to put pressure on the pumps, experts say that food prices could also increase by the end of April.

“If oil remains at around say $100 a barrel, we’re likely going to see the average family of four spend anywhere between 400 and $600 more on food for the entire year because of the attacks in Iran,” said Sylvain Charlebois, a professor at the Agri-Food Analytics Lab at Dalhousie University.

The hardest hit items are expected to be meat, dairy, produce and seafood as they have to be transported in refrigerated trucks that require more energy.

Charlebois also warned that another price hike could be coming later this year.

“Right now you may be looking at a double whammy, so on the one side you have energy costs pushing prices higher, but don’t forget with fertilizers with yields being impacted, markets could start to push commodity prices higher mid-year for example,” he said.

“We could see input costs go up for manufacturers, so that would be that double whammy you would see later in the year.”

Small businesses across B.C. say they are also feeling the impact of rising fuel costs.

The Canadian Federation of Independent Business (CFIB) said that so far, many owners have been absorbing the costs.

“Everything from your local pizzeria and the cost it takes for them to deliver that pizza to your home, your local plumber, electrician, every service call just went up in cost,” said Kalith Nanayakkara, CFIB’s senior policy analyst for B.C. said.

“Small businesses who are already operating on very thin margins will reach a point where they’re forced to pass those costs on to consumers.”

To support the economy. the CFIB wants the B.C. and Canadian governments to move more quickly to develop Canada’s domestic energy supply.

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