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Five items that will cost more with the falling loonie (and three that won't)

Economic karma has struck. With the loonie tumbling 3.5 per cent last week to close to near 80 cents US – it’s lowest level in six years – and oil at bottom-barrel prices, Canadian consumers can expect to pay a bit more for the staples in the coming months.

Let’s be honest, we all knew paying less at the pumps was going to come back on us somehow but just how much? Have a look as we run through the rising costs and a few perks associated with the slouching Canadian dollar.

Vacation packages

Canadians with a bad case of wanderlust might feel inclined to stay home. To combat the slipping dollar, Air Transat, Sunwing Vacations and Air Canada Vacations are levying $35 surcharges on new bookings to destinations in the Caribbean, Mexico and the U.S. Then there's the heightened costs of hotel rooms down south, due to the weak exchange rate. Staying at Howard Johnson in New York's Soho 'hood would have cost you $118 last January (US$109) this year you can tack on an extra $10. 

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2015 Honda CRV Touring

If you’re itching to get that all wheel drive from the 2015 Honda CRV Touring working for you in the impending snowpacalypse, you might want to do a double take on the price tag. In light of the weak loonie, Honda raised the suggested dealer price by $750 to $38,413. Toyota, Audi, Lexus and BMW plan to follow suit adding a couple hundred dollars to the pricetags on of their 2015 lines.

Bacon and rib eye steak 

In addition to the sliding dollar, a virus spreading through North American piglets drove the price of pork and bacon up 25 per cent leading in to 2015. But it doesn’t stop at the crispy goodness of pork, rib eye steak also sizzled up in price from $14.57 in 2013 to $18.08 in 2014 with prices at the butcher continuing to rise. Canadians should expect to pay a 3 to 5 per cent premium on meats this year, according to the University of Guelph-based Food Institute’s 2015 Food Price Report. 

Iceberg lettuce 

U.S.-produced iceberg lettuce, which often sells for 99 cents has reached $2.69 on some produce shelves both as a result of drought in California and the struggling loonie. Other California products like grapes and red peppers are also seeing a rise in price point. According to the Food Institute, fruits and nuts will climb 1 to 3 percent leading into the summer and vegetables – specifically those imported from the U.S. – will see a 3 to 5 per cent rise in price.

Snack foods and the staples

While the Food Institute predicted 0.3 per cent to 2.4 per cent rises in food prices for 2015, Sylvain Charlebois – professor of food distribution and policy at the University of Guelph – told Yahoo Canada Finance that spread is more likely to be 0.7 per cent to 3 per cent more in light of the weaker loonie. “In real terms, instead of paying $150 more this year for the same food than in 2014, consumers are likely to pay approximately $250 more,” he says.

Dining out

But don’t think skipping cooking and eating out will be better. With food prices driving up the costs for restaurateurs, Canadian should expect smaller portions for the same price. Although it's less substantial then the spikes seen in some foods like steak or produce from California, Canadian consumers should expect to pay anywhere from 1 to 3 per cent more for their meal at restaurants. 

Apps from Apple’s App Store

For those eyeing up the latest Plants Vs. Zombies on the App Store, your zombie crushing habits just got a bit more expensive. In response to the rising exchange rate, Apple raised the cost of 99-cent apps to $1.19. Apps under $10 followed suit, with the App Store increasing prices by 15 per cent.

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Gas prices

Canada’s oil sands may be cranky over crumbling oil prices, but Canadians will continue to pay less at the pumps. While the national average price of gas continues to dip below 92 cents per litre, Canadian commuters will be able to put the saved cash back into the rising cost of everything else it seems. According to BMO, Canadians can expect to save at least $20 billion at the pump in 2015, or $1,500 per household. 

Yoghurt and powdered milk

Although it has less to do with the loonie and more to do with lower gas prices and trade agreement talks with European Union dairy producers, Canadians could see a slight dip in yoghurt and cheese prices. The 1.8 per cent price drop suggested by the Canadian Dairy Commission, only works out to about 16 cents and it may not show up in consumers pockets until closer to the summer, provided producers don’t bank the difference.

Ice cream

And finally, our favourite. If you’re willing to skip the U.S.-produced cherry on top, Charlebois says consumers can expect to pay 5.1 per cent less for ice cream this year than they did last year.