Lower food costs ahead
According to some experts, there IS a silver lining in the economic cloud – lower food prices. An article I just saw in the Toronto Star says that food prices have fallen in some countries and are likely to do the same in Canada.
The United Nations Food and Agriculture Organizations (FAO) released its monthly report on food prices last week, which showed global food prices dropping to a nine month low in September. This can be traced back to sharp drops in prices for wheat, rice, oilseeds and other basic food stuffs.
Canadians have been shielded from the brunt of increasing food prices over the last few months due to a price war in the supermarket industry unleashed by Wal-Mart’s entry into the supermarket industry two years ago.