Key takeaways:
- Cannabis is approximately 6% cheaper this month due to excess, states liquor corporation.
- The Newfoundland and Labrador Liquor Corporation will increase the prices of beer, wine, spirits, and coolers by only under four percent on May 1.
Alcohol costs in Newfoundland and Labrador will increase next month, with the region’s liquor corporation saying climbing inflation and shipping charges.
In a press release Tuesday, the Newfoundland and Labrador Liquor Corporation said costs would go up by 3.9 percent on May 1. Beer will rise by about 4.5 percent, the wine will grow by almost four percent, and spirits will increase by approximately 3.5 percent, according to the NLC.
Ready-to-drink beverages, such as coolers will see the most significant price growth — slightly over five percent.
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“This change realizes the significant effect to beverage alcohol suppliers of higher prices of goods and services, increased freight taxes, grew federal excise tax and the pressure on international supply chain and logistics — a rise that has contributed to Canada’s most recent inflation rate of 5.7 percent,” says the statement.
Canada’s inflation rate increased to 5.7 percent in March, the highest since 1991. The increasing inflation rate raises the cost of various goods and services, including food and drinks, among many others. The fuel price was also a significant factor in the growth, raising the cost of shipping goods to Newfoundland and Labrador and raising prices.
The NLC, however, lowered the cost of cannabis on April 1 by an average of six percent because of “notable oversupply,” according to the report. The fact that all of the corporation’s suppliers are in Canada denies any effect of rising international shipping costs says the release.
Source – cbc.ca
