As inflation rates jump up to 7.7 per cent, people in Saskatchewan are being hit hard with high prices.
Saskatoon producer with Benlock Farms and small business owner of Little Market Box Shawnda Blacklock noticed prices of cattle feed, fuel and product has drastically impacted her and the producers who contribute to her consignment store.
One of her suppliers John Fonos, owner of Fonos Fish in Dore Lake, Sask., said his fuel prices have doubled and he pays more in gas to bring her his product than he does on his mortgage compared to six months ago.
Blacklock said all of the people she works with are struggling and, in turn, having to raise their prices for the first time in years.
“We are on a farm and the cost of fuel is astronomical. Our last month’s fuel bill, and it’s easing up a little bit, was about $7,900,” said Blacklock.
However, Saskatchewan is considered to be in a better spot than most other provinces, with the lowest inflation rates in the country at seven per cent.
“This is one of those times we’re really glad to be at the back of the pack,” said University of Regina Economics Associate Professor, Jason Childs.
According to Statistics Canada, in 2008 a dozen eggs cost $2.57 and one litre of milk was $2.04. Now milk sits at $2.59 and the average price for eggs is $3.87 leaving consumers in a scramble.
READ Saskatoon provides low-income families with financial knowledge to help them spend their money wisely.
Sheryl Harrow-Yurach, executive director with READ, said their demand is nearly 150 times higher than before the pandemic, and there is no better time to get advice for finances than now with the inflation rate being at the highest point since 1983 – nearly 40 years.
“This is a time for serious concern for our community and serious concern for the families and individuals that are going to need that support,” said Harrow-Yurach.
According to Childs, there is no end in sight for continuous inflation increases.
“We’re not done with this yet,” said Childs.