Price increases are expected for every type of food in Canada this year
If you were hoping to see some price cooling on food across Canada this year, we have some bad news for you.
According to the newly published Canada's Food Price Report 2023, every single kind of food will see some increase in price this year.
Created by experts from Dalhousie University, the University of Guelph, the University of British Columbia and the University of Saskatchewan, consumers can expect anywhere from a five to seven per cent total food price hike.
Bakery, dairy, meat and "other" food categories will see an increase between five to seven per cent in price while seafood and restaurants will likely go up by four to six per cent. Meanwhile, fruits will have a three to five per cent and vegetables will have the largest hike at six to eight per cent.
A family of four will have an annual food cost of nearly $16,300. This is an increase of $1,065 since 2022.
"In 2023, it is expected that Canadians will continue to feel the effects of high food inflation, and food insecurity/affordability will also be a big issue with rising food prices. The effects of climate change and the impact of high transportation costs, as a result of higher oil prices, will also continue through next year," read the report.
For Ontario specifically, food prices are predicted to increase by 10.4 per cent, surprisingly one of the lower provincial averages.
Of course, this means the demand at food banks will also increase. Here in Toronto, demands have quadrupled to approximately 300,000 visitors to the Daily Bread each month.
Price increases will also be seen in the restaurant industry, with the report stating that businesses will have to battle "rising food costs, rent increases, and labour challenges."
Of course, these are just predictions and numbers can always increase or decrease, just like in 2022 when the report thought prices would increase by five to seven per cent but actually saw an increase of 10.3 per cent as of last September.
Some of the impacts on price can be credited to climate change, geopolitical risks, input and energy costs, inflation, COVID and currencies and trade.
"All provinces could see price increase of up to seven per cent next year," said the report.
Maybe Loblaws will freeze the price of canned beans again, so we can afford some type of nutrients.
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