Food prices on the rise again?

Woman with a shopping list at a grocery store

Canadians who have been hoping for lower food prices in 2024 may not be able to get their wish right away, but with inflation cooling, it looks like they could start seeing some savings soon. According to a new report released Thursday by Canadian researchers, food prices are expected to rise by between 2.5% and 4.5% in 2024. That’s lower than the 5% to 7% predicted in the same report last year. Food costs are expected to increase across all categories, with bakery, meat, and vegetables projected to see the biggest increases, with an estimated 5% to 7%. Dairy and fruits are projected to see the lowest increase, with an estimated 1% to 2%. Restaurants are projected to see a slight increase of 3% to 5%, while what’s called “other” foods will see an increase of 2% to 4%.

The researchers predict that a family of four will spend an average of $16,296.20 in 2023, an increase of $701.79. A household with two adults is projected to spend around $7,736.78, which is an increase of $4 from the year before. The projected increases for next year come at a time when food inflation is hovering around 5.4 percent. Last month, Statistics Canada reported that food inflation was around 5.8 percent in September, down from 6.9 percent in August. While food inflation seems to be stabilizing, the report warns that a number of factors, including the ongoing conflict in Ukraine, higher oil prices and inflationary pressures from the Middle East, could still lead to higher prices in products such as meat and bakery items.


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