Canada’s Food Price Report Predicts Families to Pay $ 1,000 More in 2023
After a year that saw food prices soar higher than predicted, costs at the grocery store are expected to continue to increase even further in 2023, say the authors of
The annual forecast prepared by the University of Guelph, Dalhousie University, University of British Columbia and the University of Saskatchewan, predicts Canadian families will pay at least $1,000 more for food in 2023 than they did last year.
HIGHER COSTS MEANS EATING LESS
Overall, prices will rise by five to seven per cent this year. A family of four consisting of two adults and two children will pay an average of $16,288.41 in 2023 — an increase of $1,065.60 over their annual costs in 2022.
That likely isn’t news that Canadians were hoping to hear, said price report project co-lead a professor in U of G’s .
“Given the increases Canadians saw at the grocery store this past year, many are likely hoping to hear 2023 will bring some relief. But our models tell us that isn’t likely to happen just yet,” he said.
Vegetable prices are expected see the largest increases in 2023, in the range of six to eight per cent, although meat, dairy and bakery items are also expected to see increases of five to seven per cent.
Restaurant prices, too, will continue to rise as food outlets contend with rising food costs, rent increases and ongoing labour challenges.
Rising geopolitical tensions, high transportation costs, high oil prices and a falling Canadian dollar take much of the blame for the predicted increases, say the report’s authors.
“Conflicts in other parts of the world can impact food prices in Canada by restricting trade and exports and disrupting the supply chain,” said Somogyi. “The ongoing war in Ukraine has especially impacted the supply of wheat, fertilizer and sunflower oil, which is widely used in processed foods.”
CLIMATE CHANGE WILL BRING HIGHER FOOD COSTS
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