Gas prices remain high in the Lower Mainland and there are concerns about other potential consumer impacts as the conflict in the US-Israeli war against Iran continues.
The cost of gas was around $2.14 a liter on Monday, with similar prices across the region on Sunday and late last week.
As the war continues to put pressure on the pumps, experts say that food prices it can also increase at the end of April.
“If oil stays around $100 a barrel, we will see the average family of four spend somewhere 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 Laboratory at Dalhousie University.
The hardest hit items are expected to be meat, dairy, produce and seafood as they must be transported in energy-intensive refrigerated trucks.
Charlebois also warned that another price hike could come later this year.
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“At the moment you could be looking at a double whammy, so on the one hand you have energy costs pushing prices higher, but don’t forget with the impact of fertilisers, the markets could start to push up commodity prices for example in the middle of the year,” he said.
“We could see input costs go up for manufacturers, so that would be that double whammy that you’re going to see later in the year.”
Small businesses across BC say they are also feeling the impact of rising fuel costs.
The Canadian Federation of Independent Business (CFIB) said that until now, many landlords have absorbed the costs.
“Everything from your local pizzeria and the cost for them to deliver that pizza to your house, your local plumber, electrician, every service call just went up in cost,” said Kalith Nanayakkara, CFIB senior policy analyst for BC.
“Small businesses that already operate on very thin margins will reach a point where they will be forced to pass these costs on to consumers.”
To support the economy. CFIB wants the BC and Canadian governments to move faster to develop Canada’s domestic energy supply.
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