{"id":16438,"date":"2016-01-13T19:39:35","date_gmt":"2016-01-14T00:39:35","guid":{"rendered":"http:\/\/olduvai.ca\/?p=16438"},"modified":"2016-01-13T19:39:55","modified_gmt":"2016-01-14T00:39:55","slug":"canadians-panic-as-food-prices-soar-on-collapsing-currency","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=16438","title":{"rendered":"Canadians Panic As Food Prices Soar On Collapsing Currency"},"content":{"rendered":"

Canadians Panic As Food Prices Soar On Collapsing Currency<\/a><\/h3>\n

It was just yesterday when\u00a0we documented<\/a>\u00a0the continuing slide in the loonie, which is suffering mightily in the face of oil\u2019s inexorable decline.<\/p>\n

As regular readers are no doubt acutely aware,\u00a0Canada is struggling<\/a>\u00a0through a dramatic economic adjustment, especially in Alberta, the heart of the country\u2019s oil patch. Amid the ongoing crude carnage the province has seen soaring property crime, rising food bank usage and, sadly, elevated suicide rates, as Albertans struggle to comprehend how things up north could have gone south (so to speak) so quickly.<\/p>\n

The plunging loonie \u201ccan only serve to worsen the death of the ‘Canadian Dream'” we said on Tuesday.<\/p>\n

As it turns out, we were exactly right.<\/p>\n

The currency’s decline is having\u00a0a pronounced effect on Canadians’ grocery bills.\u00a0<\/strong>As\u00a0Bloomberg reminds us<\/a>, Canada imports around 80% of its fresh fruits and vegetables. When the loonie slides, prices for those good soar. “With lower-income households tending to spend a larger portion of income on food, this side effect of a soft currency brings\u00a0them the most acute stress,” Bloomberg continues.<\/p>\n

Of course with the layoffs piling up, you can expect more households to fall into the “lower-income” category where they will have to struggle to afford things like $3 cucumbers, $8 cauliflower, and $15 Frosted Flakes. Have a look at the following tweets which underscore just how bad it is in Canada’s grocery aisles.<\/p>\n

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View image on Twitter<\/span><\/a><\/p>\n

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\"View<\/a><\/div>\n<\/div>\n<\/div>\n<\/article>\n
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Follow<\/a><\/div>\n<\/div>\n
\"\"<\/span>Steve Ladurantaye<\/span>\u00a0@sladurantaye<\/span><\/a><\/div>\n<\/div>\n
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Three bucks. For\u00a0a cucumber.<\/p>\n

2:24 PM – 12 Jan 2016<\/a><\/div>\n<\/div>\n<\/blockquote>\n
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…click on the above link to read the rest of the article…<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Canadians Panic As Food Prices Soar On Collapsing Currency It was just yesterday when\u00a0we documented\u00a0the continuing slide in the loonie, which is suffering mightily in the face of oil\u2019s inexorable decline. As regular readers are no doubt acutely aware,\u00a0Canada is struggling\u00a0through a dramatic economic adjustment, especially in Alberta, the heart of the country\u2019s oil patch. […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[103,4333,1036,319,322,383,426,819,4318],"class_list":["post-16438","post","type-post","status-publish","format-standard","hentry","category-economics","tag-canada","tag-crude","tag-currency-collapse","tag-food","tag-food-prices","tag-great-depression","tag-inflation","tag-twitter","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/16438","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=16438"}],"version-history":[{"count":2,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/16438\/revisions"}],"predecessor-version":[{"id":16440,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/16438\/revisions\/16440"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=16438"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=16438"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=16438"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}