It's no secret to Canadians that the cost of groceries is through the roof, especially when it comes to meat, but an expensive pack of beef at Costco is once again causing a stir online.

In a post to X, Warren Kinsella, a Canadian lawyer and political commentator, uploaded a photo of prime rib grilling steaks priced at a whopping $91.72, claiming to be at an Alberta Costco location.

Spotted by a friend at a Costco in ALBERTA. pic.twitter.com/UjmesdDo6k

— Warren Kinsella (@kinsellawarren) December 14, 2023

Now, prime rib is a very nice cut of beef, and the price of $54.99 per kilogram at Costco is slightly more than what Superstore locations in the area are selling the same cut for, at $57.30 per kilogram.

Still, the sky-high prices are reigniting Canadians' beef with grocery stores, with many expressing their displeasure in the comments.

When you add everything up it is cheaper to go out to a restaurant here and order a steak meal.

— Hal Roberts 🇨🇦 🏈 (@Hal__Roberts) December 14, 2023

In the summer, a Reddit user in BC also took note of the high steak prices, with a pack of prime rib then costing $45.99 per kilogram.

Costco did not reply to a request for comment about the price of the steaks by the time of publication.

Costco Robbery
byu/Semprovictus insteak

Grocery bills continue to rise

While many Canadians continue to struggle to keep up with the high cost of groceries, Canada's grocers are expected to rake in record-high profits in 2023.

This is according to a new report from the Centre for Future Work released on December 10.

The report notes that the record profit levels of food retailers are in contrast to the profits of food manufacturing and input industries (such as energy) that supply the food retail sector.

Additionally, food inflation has slowed over the past year but is still higher than overall inflation. The report states that food prices rose by 5.6% during the first nine months of 2023, compared to the general inflation of 3.1%.

And it seems like Canadians won't be able to catch a break on grocery spending in 2024.

Canada's Food Price Report 2024, published last week by Canada's top universities, predicts that overall food prices will increase by 2.5% to 4.5%.

This means the average Canadian family of four is expected to spend $16,297.20 on food in 2024, an increase of up to $701.79 from last year.