Maple Leaf Foods Plans Another Price Hike in Early 2026 Amid Rising Costs
Maple Leaf Foods CEO Curtis Frank announced during a third-quarter earnings call that the company will raise prices again in the first quarter of next year, citing accelerating inflation, higher fuel costs, and increased poultry prices. The move follows two previous price hikes within the last year.
Maple Leaf Foods plans to raise prices again in the first quarter of next year, CEO Curtis Frank announced during the company’s third-quarter earnings call on Wednesday. The decision comes as the Etobicoke, Ont.-based meat producer contends with accelerating inflation, higher fuel costs, and rising poultry prices.
This planned increase follows two previous price hikes implemented by Maple Leaf Foods within the last year. Frank stated that the company is dealing with higher fuel and poultry prices on top of general inflation.
Several specific cost drivers are pressuring the company's margins. Poultry farmers raised prices for live birds by about three per cent in the fourth quarter, representing an eight per cent year-over-year increase. Additionally, fuel surcharges have gone up 17 per cent since the second quarter. Global supply chain disruptions linked to the Middle East conflict have further compounded these expenses; the closure of the Strait of Hormuz due to war in the region has disrupted oil shipments, driving up fuel, fertilizer, and animal feed prices across the Gulf region and beyond.
The broader grocery landscape reflects these mounting pressures. According to Statistics Canada, overall grocery prices have increased 33 per cent since September 2020. Specific protein costs have climbed sharply over that period. Ground beef prices rose from $9.18 per kilogram in September 2020 to $16.92 per kilogram in September 2026, while striploin prices increased from $20.73 per kilogram to approximately $35.74 per kilogram. Chicken breast prices averaged $14.48 per kilogram in September, compared to $12.03 per kilogram in September 2020, and chicken thigh prices increased to $13.36 per kilogram from $9.60 per kilogram between September 2020 and September 2026.
Maple Leaf Foods is not alone in passing costs along to consumers. Other major companies, including Coca-Cola, Procter & Gamble, Nestle, Reckitt, and Campbell's, have warned of or implemented further price increases. In the United Kingdom, Kellogg's changed its Rice Krispies recipe due to weather conditions affecting rice quality.
These rising costs are having a severe impact on Canadian households. Food bank usage in Canada has hit record highs, with organizations such as the Salvation Army and Daily Bread Food Bank seeing increased demand. Nearly one in three Canadians is skipping or reducing meals due to grocery costs, and one in eight children in Toronto is relying on food banks.