Canadians Panic As Food Prices Soar On Collapsing Currency
Posted: Thu Jan 14, 2016 9:16 am
Canadians Panic As Food Prices Soar On Collapsing Currency
It was just yesterday when we documented the continuing slide in the loonie, which is suffering mightily in the face of oil’s inexorable decline. As regular readers are no doubt acutely aware, Canada is struggling through a dramatic economic adjustment, especially in Alberta, the heart of the country’s 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. The plunging loonie “can only serve to worsen the death of the 'Canadian Dream'" we said on Tuesday. As it turns out, we were right. The currency's decline is having a pronounced effect on Canadians' grocery bills.
http://www.zerohedge.com/news/2016-01-1 ... g-currency
It was just yesterday when we documented the continuing slide in the loonie, which is suffering mightily in the face of oil’s inexorable decline. As regular readers are no doubt acutely aware, Canada is struggling through a dramatic economic adjustment, especially in Alberta, the heart of the country’s 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. The plunging loonie “can only serve to worsen the death of the 'Canadian Dream'" we said on Tuesday. As it turns out, we were right. The currency's decline is having a pronounced effect on Canadians' grocery bills.
http://www.zerohedge.com/news/2016-01-1 ... g-currency