Gas prices remain high in the Lower Mainland and there are concerns about other potential impacts on consumers as conflict in the US-Israel war against Iran continues.
Fuel prices were around $2.14 per liter on Monday, with similar prices seen in the region on Sunday and the end of last week.
As the war continues to put pressure on gas stations, experts say that food prices could also increase by the end of April.
“If oil prices stay around $100 a barrel, we will probably see the average family of four spend between 400 and $600 more on food throughout the year because of the attacks in Iran,” said Sylvain Charlebois, a professor at the Agri-Food Analysis Lab at Dalhousie University.
The items most affected are expected to be meat, dairy, produce and seafood because these items must be transported by refrigerated trucks which require more energy.
Charlebois also warned that another price increase was possible later this year.
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“At the moment you may be facing a double whammy, so on the one hand there are energy costs pushing prices higher, but don’t forget fertilizer impacting crop yields, the market could start to push commodity prices higher in the middle of the year, for example,” he said.
“We could see input costs rise for producers, so this will be a double whammy that we will see at the end of this year.”
Small businesses across BC say they are also feeling the impact of rising fuel prices.
The Canadian Federation of Independent Business (CFIB) says many owners are footing the bill so far.
“Everything from your local pizza restaurant and the cost it takes to deliver that pizza to your house, your local plumber, electrician, every service call goes up in cost,” said Kalith Nanayakkara, CFIB senior policy analyst for BC.
“Small businesses that already operate on razor-thin margins will reach a point where they are forced to pass those costs on to consumers.”
To support the economy. The CFIB wants the BC and Canadian governments to move more quickly to develop Canada’s domestic energy supply.
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