While some argue there is little that can be done, there are some steps the government can take.
The most obvious step the government could take is regulating food prices using price ceilings. This is virtually unheard of in North America, but has happened elsewhere, most recently in Malaysia where the government has announced price control measures for key staples.
Price ceilings are impractical for food. They are unlikely to achieve much and end up hitting farmers, processors and retailers the hardest. In the long run, they end up reducing access to products and stifling innovation and research investment.In some countries, governments have chosen to limit exports — meaning goods must be sold domestically — as a way of reducing food prices. Argentina did this recently after wheat prices increased following Russia’s invasion of Ukraine.
For countries that import food, like India, the reduction of import duties can also help to reduce domestic prices. Import duties are often used to protect domestic producers. For the most part, Canada does not have high tariffs on food products, with the exception of supply-managed products, so this approach is not broadly applicable.
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